Thirty jobs have been saved at a long-established firm after its original owner bought it back from a major rival.

Audio-visual equipment hire company ARB, which was bought by sports and entertainment specialist CSS Stellar in 2001, was put up for sale last year after running into financial difficulties.

No buyer came forward until original owner Bob Boote teamed up with David Gibson of international events company European Promotions, based at Heyford Park, and rescued the company which moved from its original Banbury base to Buckingham last March.

Now the pair who paid a nominal £1 for the firm, aim to relaunch it and are planning to bring it back to its original Banbury home.

Mr Boote said: "During the last 12 months, I realised how much I missed being involved in the field and now have even more enthusiasm for the business. I am looking forward to renewing relationships with old clients and developing new contacts."

ARB was originally started in 1944 by Mr Boote's father Albert who promoted events in the Banbury area sometimes using a van and loud hailer.

His son took over 20 years ago supplying key events such as the Blenehim Horse Trials with temporary lighting and sound systems and carried on running it after CSS Stellar took over until he left about a year ago.

A CSS Stellar spokesman said: "ARB was heavily loss making and trading was wose than envisaged at the start of the year."

Mr Gibson said: "This is an exciting time for the company. The return of Bob and his vast experience coupled with our technology and business expertise will put ARB firmly back where it belongs."