One of East Anglia's largest crane hire companies, Quinto Crane & Plant Ltd, has been bought out in a multi-million pound deal, with the new owner promising to safeguard the jobs for its 125 employees and guaranteeing future investment.

The firm, which was established following a management buy-out in 1977 and has eight depots across the east of England, was acquired by Oliver and Hannah Arnold who run farm contracting business Spring Farm Partnership from Felthorpe.

Following negotiations over nine months the deal, for an undisclosed sum, was finally completed this week.

Mr Arnold said: 'There will be a few changes but it will carry on as Quinto and I will be looking to take on new staff and expand. It needs some investment to move the business forward. The important thing is that the jobs are secure.

'It is a massive investment for us but the business has a fantastic reputation and a successful name.'

The company boasts an annual turnover of £7m, but Mr Arnold said by next year he was confident it would hit £10m.

'In a way it is very similar to what we already do with the farm contracting business. It is all about logistics and mechanical work.'

Its origins of Quinto go back to the late 1950s, to the Norwich based Pointer Group – where Ivor Kiddle became General Manager of the crane and plant hire section in 1968, a position he kept when RMC (Ready Mixed Concrete) brought out this part of the business in 1970.

When it later became obvious that RMC's interest lay entirely in the sand and gravel deposits that came with that section, Mr Kiddle managed to successfully lead a management buy-out.

Quinto's name reflected the original five depots of Peterborough, King's Lynn, Norwich, Ipswich, and Chelmsford; and five directors.

In the past 37 years it has opened new depots in Great Yarmouth, Leicester and Ware and services local and national building contractors and construction companies, as well as public utilities, local authorities and private industries.

The firm has well-established contracts with the likes of Sizewell and Bacton power stations but Mr Arnold will be looking for new business throughout East Anglia.

There is also a machinery moving division and a training division. All operators are trained and certified to CITB standards from its Norwich depot and all cranes and plant are maintained by trained fitters.

All the offices will be retained for now, but Mr Arnold is looking to relocate some to bigger yards to accommodate larger machinery and open new depots.

He has just acquired a new 300 tonne crane for £1.1m to add to the fleet, the biggest in Quinto's history, and a 130 tonne Tadano, a German made crane.

Mr Arnold said the deal would not have been possible without Brian Pring, from Larking Gowen, and his team and Simon Reynolds from B2B who was instrumental in helping them to seek funding.

'We are incredibly proud to buy and own Quinto because it is a company I have known since I was a boy,' he said.

'The important thing now is to move forward, invest heavily in new technologies with the main aim of better utilisation of the cranes and modernisation of the fleet.'