ALTHA,ased Thornton Sports Group -- a leading manufacturer and installer of sports surfaces -- has been bought out by its management team.

The team, led-by managing director David Saxby, have bought the company from founder Graham Thornton who has retired.

And they have another reason to celebrate this week as the company's biggest-ever contract at the famous Harrow School was officially opened at the weekend by former Olympic athlete Sebastian Coe and ex-England Rugby skipper Martin Johnson.

The £3 million contract at Harrow includes an international standard athletics track, 12 acrylic tennis courts, a hockey pitch and both a synthetic and conventional rugby field.

"It is a big moment in the company's history," said Mr Saxby.

"Harrow School was our biggest project to date and we have plans to further develop the business, particularly for the manufacturing operation."

The Thornton Sports Group was established in 1978 and has a turnover in excess of £16 million. It employs 35 people at its base on the Altham Industrial Estate and is the only company in its field that both manufactures and installs sports surfaces.

It also supplies sports equipment and installs sports hall flooring and fittings.

Other recent contracts include the all-weather athletics track at Wilson Playing Fields, Clayton- le-Moors, and a water-based synthetic pitch at Stonyhurst College in the Ribble Valley.

As well as David Saxby, the management buy-out team also comprised finance director John Shepherd, Bill Pomfret, Colin Wright and Colin Beardmore.

They were advised by Craig Richardson of Blackburn-based PM&M chartered accountants.

"It was an interesting deal in that we had to structure a financial package that was financially viable for the MBO team and acceptable to the company founder Graham Thornton who wanted to retire," said Mr Richardson, who was recently awarded the North West Business Advisor of the Year trophy.

"There were some initial concerns, but we managed to put together a deal that suited all parties."