Hundreds of banking staff have got a new boss after their firm was the bought for £550 million.

Lloyds TSB Registrars, which has sites at Lancing and Worthing, was sold this week to investment company Advent International.

Union leaders are keeping a watching brief on how the sale will affect workers at the Sussex offices.

Under the terms of the buyout employees' pay and conditions are protected, but staff pensions are not.

No compulsory redundancies are expected, and the current management team is remaining in place.

Workers enjoying the sunshine outside the firm's offices at The Causeway in Durrington, Worthing, yesterday lunchtime (Tues) told The Argus they had been ordered not to comment on the buyout.

One 31-year-old employee said the general response to the buyout has been one of relief.

He said: "There has been a bit of uncertainty in the build up.

"It is probably the best result.

"If it was a competitor they could have moved our jobs.

"But as it is just a transfer, that is not going to be the case.

"The directors are staying on so it's all looking rosy."

Staff said they were briefed on the takeover on Monday.

Lloyds TSB plc made £32m out of its Registrars division last year.

The business, which also has offices in Birmingham, Edinburgh and London, handles the registration of shareholders in publicly listed companies.

John Bancroft, of union Unite, said: "Staff working at Lloyds' Registrars business now face upheaval and an uncertain future.

"We will be asking the bank to explain and justify the business rationale for this decision.

"As a priority, Unite will be working to ensure staff maintain their current pensions benefits.

"Given the reputation of private equity we will be keeping a close eye on Advent over the coming months and years."

Advent International director James Brocklebank said: "Lloyds TSB Registrars is a unique asset.

"We recognised from the start the quality of the business and its staff.

"We're very much looking forward to backing the existing management team under David Winton, managing director."

Mr Winton described the takeover as a "significant step".

He said: "We've been evaluating a number of exciting opportunities for the business for some time, both in terms of new service offerings and international growth.

"The flexibility and backing we will have as an independent company will allow us to increase the range of high quality services we offer our customers."

Do you work at Lloyds TSB Registrars? What do you think about the buyout? Leave your comments below.