A company set up 36 years ago has been sold to growth-hungry north west firm Speedy Hire for £13.5m.

Bill Parkinson, 67, established Lifting Gear Hire in Atherton and grew it into a £16.2m-turnover enterprise with 34 depots across the UK employing more than 330 people.

He was chairman until a few years ago, when he handed over the reins to his son, Ian. The business rents out and sells lifting and winching equipment to oil refineries, chemical and pharmaceutical plants, factories and other sites around the country. In addition, it operates training, testing and inspection services.

Following the sale, Mr Parkinson and his family will concentrate on other industrial operations in the UK, Holland, Germany and the United States, as well as Moorhouses Brewery in Burnley and Standish Court Golf Club in Wigan.

Mr Parkinson said: "LGH has gone as far as we can take it and I am convinced Speedy can take it to a wider market than we were able to and support it with broader investment and resources.

"We are pleased with the deal and look forward to focusing our time and resources to concentrate on the remaining Parkinson family businesses".

LGH grew from its northern roots in 1990, when it opened a branch in Chicago, which was quickly followed by a site near Rotterdam, Holland, in 1993. The company's US bases are now in St Louis in Missouri and in Illinois.

The firm reported revenues of £16.2m during the 10 months to April 30 with assets worth £2.3m.

Steve Corcoran, Speedy Hire chief executive, said: "LGH has long been regarded as the leading brand providing lifting equipment hire, especially in the industrial services and manufacturing sectors. Its operations and customer base are highly complementary to Speedy Hire's existing specialist lifting business."

Speedy is paying £7.6m in cash and £2.5m in shares, and will take on £3.4m worth of debts as part of the deal. No job losses are expected as a result of the takeover.

Speedy, which is based in Newton-le-Willows and was founded in Wigan in 1977, operates more than 300 depots across the country and has grown into a FTSE 250 company with a market capitalisation of around £470m. Its shares ticked up 24.5p, or 2.4 per cent, to 1036.5p after the LGH deal was announced.

The group leases equipment ranging from cement mixers and generators to portable buildings, and has made a string of acquisitions in the past few years to become Britains biggest tool hire company. During the past 14 months, it has spent more than £100m.

Its lifting gear hire operations will be rebranded Speedy LGH. Speedy Hire said it expects LGH to be "highly complementary" to its existing lifting business.

Matthew Bryden-Smith and Ashley Haworth advised the shareholders of LGH