A MANAGEMENT buyout has taken place - with private equity backing - for the leading Bolton firm Parcel2Go.

Bosses at the Coe Street delivery firm have teamed up with Mayfair Equity Partners to progress the deal, which will see the financiers take a majority shareholding, working alongside the current management team.

Under this arrangement, no changes are envisaged with the current set-up, with executive chairman James Greenbury leading the line.

And existing employee shareholdings will not be affected, as part of their enterprise management incentive scheme.

Their principal parcel delivery service, a secondary line offering a white-label option for some carriers and National Pallets, their price comparison arm, are all included in the transaction.

Mr Greenbury said: "By operating three complementary business lines, we have successfully delivered strong organic growth and cemented our position as a market leader.

"We are delighted to be able to deliver an early Christmas present to lots of our employees that are part of the share scheme.

"It's testament to the family that we created that they have chosen to continue the journey with us.

"In Mayfair, we have found the ideal equity partner to help us achieve our long-term ambitions and we look forward to working closely with the Mayfair team."

Daniel Sasaki, managing partner at Mayfair, added: "Parcel2Go has rapidly achieved a market leading position, providing both carriers and customers a unique offering and excellent quality of service.

"Price comparison websites have become part of consumers' everyday lives and parcel delivery services is one of the fastest growing categories within it.

"As James and his team continue to disrupt the market, we look forward to bringing our prior experience in the PCW space to bear and helping them to achieve their next phase of growth."

Revenues for the company hit £100million during 2019 and further growth is expected.