HAMPSHIRE mortgage lender TML Financial Solutions has been bought by its management for an undisclosed sum.

The deal, which has been an open secret for weeks, was finally inked on Friday evening and officially unveiled yesterday.

It's a boost for the business, which was reported to be struggling and had axed staff last year, when it was said to be weighing down parent firm Kensington Group's results.

Managing director David Titmuss and finance director Simon West have bought the business with backing from private equity firm Kelso Place Asset Management.

Now the Whiteley based business, which has a turnover of £400m and employs 200 people, will revert to its original name of The Mortgage Lender.

A statement said they planned to "create more jobs as business settles" and move into offering unsecured loans.

The Mortgage Lender specialises in loans for consumers who have previously been refused credit or cannot prove their income. It was founded by New Forest based entrepreneur Andrew Strode-Gibbons together with businessman Simon Kingsnorth in 1999 before being sold to Kensington Group in 2002.

Mr Titmuss said: "The Mortgage Lender has a great system, fantastic locally-recruited people, is in a superb location in Whiteley and has tremendous potential in a rare growing financial services market - I looked very carefully at the business and the sector in which it is operating before committing, but I feel very confident about the potential for the business.

"Our prospective customers need doors opening for them - not closing - and we aim to provide an empathetic and perhaps surprisingly personal service majoring on help and information."