The parent company of Wigan-based haulier Taylored Lines and warehouse and distribution business Beeline has undergone a management buyout, in a deal valued at £8.75m.

Taygroup , a £22m-turnover enterprise with 155 staff nationwide, has been sold by chairman Nicholas Taylor and finance director Paul Craven.

The buyout was led by sales boss Jon Wright, the new managing director, and operations chief Lloyd Dennaford. Mr Craven stays in his current role.

The group, which has its headquarters in Biggleswade, Bedfordshire, employs around 50 people in Wigan. Taylored Lines and Beeline have their operations near the M6.

It operates more than 300 trucks, serving clients such as Tesco, Ikea and W Jordan (Cereals). It specialises in transporting awkward loads.

The buyout was completed in Manchester and was funded by the Royal Bank of Scotland.

Advisers included north west corporate finance outfits Cole Associates and Dow Schofield Watts, and law firms DWF and Hill Dickinson.