MALVERN'S Morgan Motor Company has bought back the land that its factory is built on.

The buy-back is described by senior figures in the company as another sign of its strength, a foundation for future growth and an indication of its commitment to the town of Malvern..

At the Geneva Motor Show earlier this year, managing director Steve Morris announced a record trading year with a 14 per cent growth in revenue.

In 2006, the firm sold its site off Pickersleigh Road in a sell-and-leas-back deal with Stirling Investments, to enable the company to develop new vehicles and implement new technology.

The inclusion of the Morgan Visitor Centre in the land purchase secures the future of this tourist attraction, which has welcomed over 30,000 visitors a year since it was officially opened by Princess Anne in 2009.

Mr Morris said: "The positivity felt by all Morgan staff is stronger than ever. To now own the land where we create our range of cars is something truly special and the news was welcomed with delight by the whole workforce.

"Morgan Motor Cars is enjoying a business turnaround under the guidance of the new management team and I look forward to fulfilling all of Morgan's exciting plans in the future.

"Iā€™d like to thank Stirling Investments for their assistance during the 11 years of land ownership and also to Gowling WLG and HSBC for guiding us throughout the acquisition process.ā€

No figure has been released for the cost of the buy-back.

Morgan has been in the town for 108 years, and employs 195 staff, up from 175 a year ago.

Dominic Riley, the company's recently-appointed chairman, said: "Buying back the land that is the real home of Morgan is an investment for the future of the company, an investment in the future of the factory and a significant moment for everyone that's been working so hard at Morgan over the years.

"We are stronger than ever with record revenue growth, increased employment, a clear vision for the future and strong demand for product from customers around the globe.ā€