The excellent properties of the recently developed, multi-pixel hybrid photo-diodes, will be easier to exploit following the development of the new hybrid-circuits described in this paper. This system will enable all of the required read-out functions to be accommodated on a single board into which the M-HPD is plugged. The design and performance of a versatile system is described in which a trigger-signal, derived from the common-side of the silicon anode in the M-HPD, is used to trigger the readout of the 61-anode pixels in the M-HPD. The multi-channel amplifier section is based on the use of a new, commercial VLSI chip, whilst the read-out sequencer uses a chip of our own design. The common anode signal is processed by a fast amplifier and discriminator to provide a trigger signal when a single event is detected. In the prototype version, the serial analogue output data-stream is processed using a PC-mounted, high speed ADC. Results obtained using the new read-out system in a compact gamma-camera and with a small muon tracking-chamber demonstrate the low-noise performance of the system. The application of this read-out system in other position-sensitive or multi-anode photomultiplier tube applications are also described.