The management team at the Northern Ireland transport company, Countrywide Freight, has completed a £12 million buyout of the company, one of the largest management buyouts ever carried out in Northern Ireland.

Finance for the deal was provided by venture capital group Foreign & Colonial and Ulster Bank Markets and the MBO team was advised by Deloitte & Touche Corporate Finance.

Established on 1976, Countrywide operates from six centres in the UK, including Belfast, Birmingham, Manchester, Gateshead and Wales. The company employs 70 in Northern Ireland and over 200 nationally, and recently opened a purpose-built 66,000 square foot depot in Mallusk.

Finance director Mr Donal McAllister said: "The MBO will allow us to focus on our main operating areas and further enhance the service we provide to our customers. The opening in April of our new distribution centre is not only a reflection of the success we have achieved in recent years, but also a visible sign of our commitment to grow the business. The MBO will reinforce that commitment further."