ALLERTON Engineering, the North Yorkshire-based bridge-building group, plans to capitalise on the London 2012 Olympics following its successful completion of a management buy-out.

The Buy In Management Buy Out (BIMBO), backed by £4.5 million of funding from Bank of Scotland Corporate, has seen the firm's two major shareholders, David Cunningham and Richard Kilner, take a controlling interest, with outsiders also buying in.

They take over from former chairman, Laurie Ellis, who has now moved to Australia, with Mr Kilner succeeding him.

Allerton, established more than 50 years ago, launched its Allerton Bridges arm in 2001 to build on 20 years bridgework experience.

It is now an established and significant supplier of bridges in the UK and since 2004 has been based on a purpose built 3,500 sq ft unit in Northallerton. The Allerton Group has experienced continuing strong growth and currently employs 92 people, up from 37 in 2000.

The business provides a one-stop service to customers, offering everything from design and fabrication facilities through to maintenance of existing structures.

The successful bid for the 2012 Olympics has resulted in an increased number of proposed construction projects involving bridges in London and across the country, which presents Allerton Group with big expansion opportunities.

Mr Kilner, said: "In recent months, we have made major capital investment in new equipment which is integral to our expansion plans.

"We currently turn over around £6.5 million per annum and are looking to increase this to £10 million during the next two years."

Alan Brennan, director at Bank of Scotland Corporate, in York, said: "In supporting the BIMBO of Allerton Group, we recognised the strong track record of the organisation, driven by a highly capable management team, which enjoys excellent relationships with key clients.

"The business benefits from a state of the art fabrication facility, providing the capacity to meet both current demand and the new opportunities which are emerging within the sector allowing the Group to remain ahead of the competition."

The smooth conclusion of the deal was aided by the fact that many of the professional firms involved are York based.

Ware & Kay solicitors acted on behalf of Bank of Scotland Corporate, with Clive Owen & Co accountants undertaking due diligence on behalf of the Bank.

Allerton was advised by York-based Langleys solicitors.