ONE of Leominster's biggest companies has a new owner.

Private equity firm TA Associates has made a major investment in M and M Direct and will be involved in the day-to-day running of the company.

Managing director Ajit Nedungadi and other members of the TA management will now join MandM's board of directors.

M and M, which specialises in buying end-of-line clearance stock from major brands and selling products on at a discounted rate, had been under the joint ownership of its founders and ECI Partners for three and a half years.

Mike Tomkins, who is stepping down as Chief Executive Officer (CEO) to take up a new role as a non-executive director, said the company had made good progress in that time.

"We will bring in around £75 million in sales this year - a figure which has doubled in three years," he said.

"We want it to double again over the next three and although that sounds ambitious, new investment means new impetus."

Taking over as CEO is Steve Robinson, a former CEO of Tesco Direct and finance director of Argos.

"Steve has a great CV and is only 37," said Mr Tomkins.

"His online and catalogue retail sales experience and TA's expertise in helping profitable companies accelerate growth are a great combination for MandM.

"The deal itself will allow the company direct access to funds to grow the business, both in Leominster and Moreton-on- Lugg.

"We will continue to expand and are looking forward to a record Christmas, when we have up to 600 people working here and send out around 1.5 million catalogues."