Wirral-based manufacturer Anaco Systems' operational management team has been involved in a partial buyout of the company.

The investment, part of a phased buyout succession plan, is worth £1.8 million and accounts for 50 per cent of the company, the Liverpool Daily Post reports.

Anaco Systems is a manufacturer and designer of aluminium building fronts, doors and windows.

"We are delighted the existing management team will now take the business forward," managing director Andrew Turner commented.

Mr Turner will be chairman of Anaco Systems following the investment.

As part of the buyout's funding package, £400,000 will be invested by Alliance Fund Managers, the investment director of which, one Malcolm Jones, stated that the transition from old management to new would be "gradual" and "smooth".

In other northwest development news, the Manchester office of Endless - an investment fund based in Leeds - has bought a majority stake in Crown Paints.