A multi-million pound management buy-out has taken place at Britain's biggest privately owned toy and gift manufacturer, based in Fleetwood, Lancashire.

Brothers Alan and Graham Halsall have completed the sale of David Halsall International, whose headquarters are in Copse Road. The new owners are managing director John Hutt, sales and marketing director Andrew Coplestone and Graham Halsall, who has decided to reinvest as a significant shareholder.

Alan Halsall will continue to work as a consultant to the company, especially in its licensing operations, alongside Mr Coplestone.

David Halsall International was founded in 1952 in Southport, by the father of Alan and Graham, whose name the organisation bears, it began by selling UK-manufactured fishing nets, later expanding into toys and fireworks.

Graham Halsall joined the company in 1968 and Alan eleven years later. It now turns over about £70m a year and has an extensive branded and licensed product portfolio.

The firm holds over 70 top licenses and its products, primarily toys and gifts but also including Christmas decorations, haloween effects and garden furntirue are distributed in more than 50 countries. It is one of the leading toy manufacturers in Hong Kong, where Graham will continue to be managing director.

Explaining the reasons for the buy-out, Mr Hutt said: "This is part of a long-term strategy by Alan, Graham and the senior management team. Importantly, the deal means the company remains 100 per cent privately owned and for our customers it will be business as usual, in all respects bar the change of ownership.

Rickitt Mitchell advised the Halsall brothers.