Wright Hassall acted for private equity firm Valco Capital Partners which funded the management buyout led by the managing director, Gary Biggs.

The deal will save hundreds of jobs at the 200-year-old company as well as giving the board scope to place the company’s finances on a sound footing.

Completed in just six days, the deal will see half of Denby’s £72m debt written off and will provide working capital to help combat the financial downturn.

Robert Lee, head of Wright Hassall’s corporate finance team advising Valco, said: “We are delighted to have played a part in saving one of the Midlands’ most iconic companies. The speed with which we were able to complete the deal is an indication of how determined all the parties were to secure Denby’s future.”

Wright Hassall’s corporate finance team, based at its Olympus Avenue headquarters, acts for a wide range of companies, capital finance houses and professional advisers.