Steve Granite, the chief executive of Abbey Logistics Group, has led a management buyout of the business for an undisclosed sum.

The deal sees Abbey Logistics' founders the Lucy family exit the business they established more then 25 years ago, which is head quartered in Bootle, Liverpool.

The MBO was supported by NorthEdge Capital. It sees Granite and commercial director Dave Coulson remain at the helm of the operator.

Specialising initially in the liquid food ingredients transportation market, Abbey has more recently diversified into the bulk powder market, palletised transport and warehousing. At the start of this year it announced its intention to expand again after a brief pause.

Abbey now employs more than 450 staff and operates from nine sites including Wirral, Hull, Manchester, Knowsley, Middlewich and London.

The operator has forecast turnover for the 2017 financial year of £55m. It has a fleet size of 350 tractor units and 570 trailers and tankers operating across the UK and Europe.

Abbey also has a 140,000ft² ambient warehouse in Bromborough, Wirral, and is a Pallet-Track network member.

Granite said: “We are delighted to have partnered with Northedge Capital to complete the MBO and enable the Lucy family to exit the business realising their well-earned value.

"Northedge are the right partner for Abbey and we have been suitably impressed with the firm since our first meet earlier this year. It is an exciting new chapter in the company’s life and we are very much looking forward to continuing the successful journey we’ve experienced to date," he added.

Granite went on to say: “Our customers and employees will benefit from the transaction as the new investment enables us to develop our business and continue growing from solid foundations. Through both organic and acquisitive growth Abbey will become the market leader in both the liquid and powder transportation markets over the coming years.”