SOUTHAMPTON-based Millbrook Industries, one of the south's largest independent employers, has completed a re-financing deal to buy back its own shares from 3i, the venture capital firm.

Simon Toft, finance director of Millbrook Industries Limited, said: "This re-financing will enable us to continue to invest and will make us more independent and self-sufficient.

"This development is a natural progression for us and reflects a number of changes we have made over the last few years. Grant Thornton, and Paris Smith and Randall have done a superb job in bringing this deal together."

The directors were assisted with the negotiations and tax planning associated with the transaction by a team at Grant Thornton's Solent office.

Legal advice was provided by Paris Smith and Randall headed by partner Douglas Cooper.

David Tipple, partner at Grant Thornton, said: "Having acted as auditors and tax advisers to the company for many years, we were delighted to be able to assist the directors with this transaction."

Colin Croll, group managing director of Millbrook Industries, added: "Millbrook will remain very much a family-run company with traditional values and a respected heritage, but we have huge ambition and a world-class reputation to live up to.

"Our continued success is due to the hard work of all our staff and the partnerships we have built over the years with our customers, suppliers and retailers."