The deal, which combines invoice and asset finance and term and property loans, has allowed current group operations manager Peter Currie, group technical manager Brian Taggart, financial director David Armour and production manager Gary Brese to buy a majority share from the current shareholders.

The funding package provides lending to facilitate the MBO transaction and to refinance existing borrowing and working capital arrangements.

All-day to day banking for the group has also been transferred to Barclays.

Precision Tooling & Castings Ltd is the holding company for a specialised manufacturer of precision investment castings, Glen Foundry Limited (trading as Anderson Stewart Castings), Precision Tooling Services and Advanced Manufacturing Centre, all based in Ayrshire.

Glen Foundry Limited is located in Glengarnock, Ayrshire and employs around 70 people, it is one of only three remaining foundries in the UK producing specialised castings in a wide range of alloys, supplying automotive and oil & petrochemical customers in the UK and internationally.

Major reinvestment over the past 10 years has introduced new robotics for automation, increasing capacity.

Precision Tooling is located within the aerospace park at Prestwick Airport and employs a local workforce of over 70 people. It provides a manufacturing facility for machined components in the aerospace, automotive, nuclear, renewables and oil and gas industries. Whilst the recently established Kilmarnock-based Advanced Manufacturing Centre is an engineering group supplying, aerospace, automotive, nuclear and rail industries.

The Barclays deal team was led by Iain Duff, corporate development director, supported by relationship director Stuart McAleese.

Under the MBO, Peter Currie becomes the new managing director with Brian Taggart the technical director and Gary Brese the production director. David Armour remains as the financial director.

Peter Currie, managing director of Precision Tooling & Castings Ltd, said: “We are delighted to have completed this transaction. The management team at Precision Tooling & Castings Ltd has a strong understanding of our customers’ needs and the many strengths existing within our business. With the support of Barclays, our funder, the MBO allows us to invest in developing our workforce, services and technologies even further.

“Barclays was the obvious choice to work with as they are a supportive, stable and collaborative partner who have continually worked closely with us at every stage throughout our MBO journey, and allowed our new company vision to be realised.”

Jamie Grant, head of corporate banking for Barclays in Scotland, added: “We were able to provide a flexible deal structure bespoke to Precision Tooling & Castings Ltd, ensuring a smooth transition between the current owners and the new management team.

“With plans to grow the business and expand the engineering practices offered, this is an exciting time for everyone involved and we are pleased to have been instrumental in realising the next chapter of this diverse company which is a key employer in the engineering and aerospace sector in Ayrshire.”