A MUSICAL instrument retailer has completed a management buyout.

Almost 30 years after opening, Gak in North Road, Brighton, has completed a management buyout with the support of solicitors Coffin Mew.

The store, which was founded by Gary Marshall in 1992, is one of the UK’s largest independent musical instrument retailers.

The new business strategy is to grow the stores online presence after being acquired by co-managing directors Max McKellar and Ian Stephens.

The management buyout was partly financed by private equity firm Risk Capital Partners, which has become the majority shareholder.

In a statement, Max and Ian said: "Gary has built an internationally recognised music retail business, and we are very fortunate to be able to continue with his passion and take it forward to the next stage of its development.

“While Gak and the music industry have encountered and overcome challenges in recent years, we are now perfectly placed to take advantage of both short and long-term opportunities.

“We also have an exceptional workforce and very experienced and talented management team.

“Dominic and the Coffin Mew team adeptly guided us through the MBO process and pulled out all the stops to get the transaction completed.”

In recent times, the store has become a Brighton tourist attraction due to its brightly coloured exterior.

The North Laine store attracts tens of thousands of visitors annually, including professional musicians.

It is known for its range of both new and vintage instruments.

Gak - which stands for guitars amps and keyboards – reportedly generates more than two-thirds of its revenues from online sales.

It sells leading brands such as Fender, Gibson, Roland and Yamaha.

The Coffin Mew team was led by corporate partner Dominic Travers with Nigel Wigin and Amy Richardson with support from Beth Hullah.

Management and the shareholders were also advised by a team from FRP Corporate Finance led by Adrian Alexander and by Watsons Associates, led by Steve Moore. Risk Capital Partners were advised by RSM and Irwin Mitchell.