Hilary Devey sells the pallet network Pall-Ex she founded to management

Pall-Ex Group has agreed a management buyout that will see founder, owner and chairwoman Hilary Devey step away from the day-to-day running of the business.

The BBC’s Dragon’s Den star has agreed to sell the group to its network membership and management. Contracts were signed on 15 October and the deal is expected to be completed by 31 October.

The deal, which Pall-Ex believes is the first of its kind, will offer UK and European members what it described as “a unique opportunity to be involved in the development of the pallet network”.

The management team has also committed to shares in the company with share ownership being made available to the entire UK membership and its international partners.

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Devey, who started Pall-Ex in 1996, will continue to work with the new owners in an ambassador role to help develop their international services and European partner development. Her continuing wish is to see the company expand and thrive, the company said.

David Fairbrother of ADD Express, Maggie Larimore of PMB Pallets and Craig Stevens of STD Developments, who have worked with Devey for more than 20 years, negotiated the transaction alongside group MD Kevin Buchanan.

Buchanan said: “Pall-Ex will offer a unique proposition in the sector with management, UK members and international partners working together as owners to enhance Pall-Ex as the quality network of choice. We would like to thank Hilary for enabling us to take the next step on this incredible and exciting journey.”