THE management team at Lambert Haworth Safety Ltd has completed the £1.5million buy-out of the Rawtenstall-based business.

The team, headed by finance director Richard Fletcher, has bought the company from the troubled Lambert Haworth Group which used to be East Lancashire's largest footwear manufacturer.

LH Safety, which employs more than 20 people, specialises in the design and distribution of safety, occupational and corporate footwear. The management team has bought both the business and its premises at Hall Carr Mill for £1.5million. In the 12 months up to December 31 2000, the Rawtenstall safety business made a profit of £221,000 on a turnover of £5.3million.

Richard Fletcher and his management team are now planning to develop its existing market-leading range and expand into new activities.

"As the existing management team of LH Safety, we are delighted to have successfully completed the buy-out," he said. "We are launching a new product range in January which will be at the forefront of the market and we are looking to develop other products outside footwear.

"We are excited about the future and driving the business forward with the support of our excellent workforce in Rawtenstall. Our workforce is hand-picked from the closures of various parts of the Lambert Haworth business and is very loyal and committed. "

Announcing the deal to the Stock Exchange, the Lambert Haworth Group, which is now based in London, said: "The board believes that the safety footwear business is no longer a core part of the general footwear division." The company made an exceptional loss on the disposal of £870,000. Finance for the deal came from Lloyds TSB Commercial through invoice discounting, stock, property and clearing facilities.

Mike Scowen, regional director of Lloyds TSB Commercial, said: "Richard and his team have spent many years with the Lambert Haworth Group and have been instrumental in the success of the business. I am confident they will take LH Safety to new heights."