Contract packaging firm AE Adams (Henfield) has completed a management buyout with support from asset-based lending firm Venture Finance.

The West Sussex company said the MBO, which was finalised at the end of 2007, would enable it to face up to competition from companies operating out of low-cost economies in Eastern Europe and the Far East.

New managing director Tony Milner said: "We maintain our business by providing high-quality products and a reactive service."

AE Adams has an annual turnover of £2.6m, but needed the £400,000 funding line from Venture Finance to complete the MBO.

A confidential invoice-discounting facility means that AE Adams will continue to invoice customers directly, without them knowing the facility is in place.

Tony Tydeman, Venture Finance business development manager, said: "Invoice discounting will enable the new management team to keep control of its sales ledger with greater financial flexibility."

AE Adams was founded in 1955 and packs branded and own-label products for the household, automotive and personal care sectors.