Basingstoke-based courier !st Class Logistics has completed a management buyout after securing a £1.750m facility from financial service provider Shawbrook.

1st Class Logistics provides a time critical same-day delivery service for customers across the UK and Europe.

The company specialises in international and overnight parcels, pallets, airfreight, sea-freight, storage and warehousing, pick and pack, fulfilment and distribution.

The MBO was triggered after owner Ashley Rowden decided to exit the business.

1st Class Logistics, which already had an established management team and a longstanding succession plan, turned to Shawbrook for funding to help it complete the MBO.

Rupert Upton,1st Class Logistics MD, said: “1st Class Logistics has celebrated a decade in specialist transport and logistics services recently and we are very proud of the growth we have seen in the business.

“A key contributor to this success is the strength of our management team and I would like to thank Ashley Rowden for his guidance and leadership over these years. We wish him all the best for the future.

He also praised Shawbrook’s backing, saying: “The support from Shawbrook has also been very welcome. Fundamentally, the expertise of the team, their relationship-led approach and willingness to work through our plans and objectives delivered a smooth and well-managed transition for everyone involved.”

Oliver Jenkins, senior director at Shawbrook, added: “1st Class Logistics is a great example of a niche owner managed SME, with key differentiators being their speed of delivery, excellent customer service, right first time approach and the care for the material they handle for their high end clients.

“The opportunity to support on this transaction was too good to pass and we look forward to working with this client again in the future as the firm continues to grow.”

The firm was introduced to Shawbrook by Begbies Traynor Advisory to assist with funding for the change in ownership.