A specialist hi-tech engineering firm has completed a management buy-out.

Harwell-based Zircotec, which produces high performance coatings used in motorsport and the car industry, is now owned by four members of its management, who bought the business from intellectual property firm Accentus.

The buyout, agreed for an undisclosed sum, has been led by Zircotec’s managing director Terry Graham, supported by technical director Andy McCabe, sales and marketing manager Peter Whyman and accountant Chris Barette.

Mr Graham said: “Zircotec is a thriving business that has experienced strong growth over recent years, and the management team is focused and motivated to continue this success.

“The buy-out brings new financial investment and the potential for further rapid growth, taking the company to the next stage of its development.”

Zircotec has recently rapidly expanded its range of products and ceramic coatings to enter new fields including aerospace.

Mr Graham added: “This development programme is set to continue and we look forward to announcing new products and applications later this year,” adds Graham.

All of the the ten-strong workforce is transferring to the new company including motorsport sales manager Stuart Clarke and production manager Alec Samler and the Zircotec name will be retained.

The business is also set to move to new premises later this year.

Mr Graham said: “A budget is already in place to cover this next phase of our expansion.”