SHARES in economic development firm Enterprise rocketed yesterday, after bosses revealed plans to buy the company.

The shares rose by more than 10 per cent to 90p in early trading, after the firm said that it was in preliminary talks about a management buy-out.

The buy-out would be led by chief executive David Taylor.

In recent months, several management teams at Stock Market-quoted firms have announced plans to buy their companies and take them off the Stock Market. The costs involved is being quoted on the Stock Market and the lack of interest in many smaller firms by the big investors has persuaded many to look at leaving it.

The announcement came just days after two directors quit the firm in a surprise move. Charles Brocklehurst, deputy chief executive of the Preston-based firm and colleague Dennis Artess, both resigned their posts.

In a short statement issued by Enterprise at the time, the firm said the two had left to pursue their careers "in other directions."

Enterprise, formerly Lancashire Enterprises, is heavily involved in projects across East Lancashire, including the Technology Management Centres in Blackburn and Accrington.

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