Tom Teichmann, who has run the ring-binder and wallet specialist for the last 35 years, has sold his controlling stake to a management buy-out team.

Sales director Philip Caudle, production director Paul Kelly, sales manager Chris Corbett and production manager Darren Yates now take over the £3.5m turnover business. Between them, the four have worked in the presentation industry for more than 50 years.

Teichmann will continue on a consultancy basis for the next three years, with particular focus on financial control, strategy, and special project work, although he won’t retain any equity.

Caudle said: "We operate in a fairly crowded sector, but Ambroplastics is in a market-leading position and has a number of unique products and innovative production processes.

"With his experience and knowledge we will miss Tom as an MD, but it will be good to have him around for a few more years."