Allegro has sold its subsidiary, Tennant & Ruttle Distribution Ltd, to a management buyout team for an undisclosed figure.

The management team is led by managers, Mr Geoff Beggs, Mr Ray Woodroofe, Mr Neil Keogh and Mr Alan Garrioch.

Tennant & Ruttle Distribution is a subsidiary of Allegro and represents products like Wrigleys, Ferrero and Duracell in the Republic.

A brief statement late last night the new company would be operational from new premises in Dublin from Monday. Allegro is a large privately-owned distribution company which bought Tennant & Ruttle, along with another company JC Distribution, from James Crean in 1994 for £6.6 million.