A LONG-ESTABLISHED giftware firm is still in family hands after a management buyout.

Elgate Products, based in Patricia Way, Pysons Road Industrial Estate, Broadstairs, was founded in Margate in 1971 by brothers Neal and Keith Elliott.

When Keith decided to retire, Neal proposed the buyout, which would leave him with majority ownership of the business.

At first, it specialised in postcards, manufacturing and selling to retail outlets along the south coast. The company has since enjoyed considerable growth and is now one of the UK's leading importers and exporters of wholesale giftware.

Customers range from retail chains to small independent shops. It also supplies a number of clients in Europe, America and beyond.

NatWest Bank backed the buyout for an undisclosed sum. Neal Elliott said: "I am pleased to have retained family ownership of Elgate Products and am excited at the growth opportunities of the business."

Richard Leadbetter, associate director of NatWest’s structured debt solutions, added: "Neal is a long-standing customer and has a wealth of knowledge and expertise in his industry."