AN asset valuation and recovery group in Blackburn has received backing from a London-based investment firm.

Moygannon has acquired a ‘significant minority stake’ in Winterhill Largo, which has a £6million turnover and offices in London, Manchester, Leeds and Horsham.

The deal will see retiring co-founder and shareholder Paul Snook exit the business he started with chief executive Neil Duckworth in 2010, when Duckworth’s Winterhill merged with Snook’s Largo operation based in Wakefield.

Mr Snook will remain involved with the business as a consultant and Mr Duckworth will continue as chief executive, retaining his stake.

Mr Duckworth said: “This welcomes a new strategic partner and concludes Paul’s succession planning.

“Paul has been instrumental in the growth and success of the group, making Winterhill a leader in asset, property and receivables valuation, disposal and collections businesses, acting for clients in the restructuring, banking and asset based lending sectors. Moygannon have worked with Winterhill for many years and have been involved in financing projects for our clients.

“We look forward to working with our new partners to continue the growth of the business, with the backing of their excellent industry contacts and financial strength.”

Roly Houchin, of Moygannon, said: “We are delighted to be involved. It’s a business we know well and which has demonstrated tremendous growth. We look forward to helping support the business to develop further.”