A manufacturer of oil loading arms used on onshore and offshore rigs has been taken over in a management buyout.

Woodfield Systems, based in Whitstable, has been bought from marine engineering business MacGregor.

The firm had been operating as a standalone business within its parent company, which only bought the firm in 2014 as part of a takeover of Aker Solutions, of which Woodfield was a part.

Four of its senior team – David Williams, Christina Collins, Gary Reddecliffe and Glen Doherty – have acquired a majority shareholding, with MacGregor maintaining a minority stake.

All 60 staff will transfer to the new owners under the agreement.

Woodfield has been designing and making marine loading arms since 1932.

Its main office and factory is in Whitstable and it has other additional manufacturing resources worldwide.

Its most recent accounts show it made revenues of £6.5 million in 2015, down 8%, and made pre-tax losses of more than £1 million, after a profit of £107,000 in 2014.

MacGregor senior vice president Pasi Lehtonen said: “MacGregor is pleased with this agreement with Woodfield management, who is buying the majority of the shares of the company.

“The agreement supports our strategy to focus on our core business and its development.

“This move also allows Woodfield to fully concentrate on their core business and supporting their customers.”

MacGregor said it had run Woodfield as a standalone brand because of its different clientele to its usual business.

Canterbury-based Kreston Reeves advised on the deal. Legal support was provided by Maidstone-based Outset Group.