The business is involved in the design, importing and distribution of home and garden accessories, and sells up to 2,000 lines each season.

Straits, based at the Junction 7 Business Park, Clayton Le Moors, Accrington, was founded in 1981. The company boasts an 8,000 sq ft showroom with a 54,000 sq ft warehouse.

The management team consisted of Paul Aspin, commercial and finance director, and Marvin Lomax, managing director. Andrew Clare, head of the corporate department at Napthens solicitors, assisted by David Filmer, solicitor, advised the management team. Gerard Lucas of accountancy firm Tenon, Chorley, also advised.

The sellers were represented by Ramsdens Solicitors Huddersfield, funding was provided by RBS, which was advised by DWF Liverpool.

Andrew Clare said: “Straits is a highly regarded, established brand that is doing very well. The management team saw it as an ideal opportunity for investment, and I am delighted the deal has completed.

“Paul Aspin and Marvin Lomax have led the company for several years, and under their guidance Straits will undoubtedly have a healthy future.”

Paul Aspin said: “This arrangement brings a number of benefits to the business. It provides our employees and existing clients with the continuity they are used to and gives Marvin, myself and Steve Webb our sales manager the opportunity to examine ways in which we can grow the business. We are grateful for the support provided by Napthens, RBS & Tenon in achieving a successful MBO.”