THE largest bulk haulage company in the country has been bought out by its management team for £19.2m.

Hargreaves plc was acquired from owner Bob Young in one of the biggest management buyouts in the UK this year.

The Esh Winning company, which has a national network of depots, has a number of substantial waste haulage contracts and is a major supplier and processor of carbon-based minerals from its specialist facilities. It also has bio mass and ash handling facilities at several Yorkshire power stations.

Mr Young, Newcastle United Football Club honorary president, founded the company in 1994. Its turnover to May 31 last year was £62m with an operating profit of £1.9m.

Gordon Banham, chief executive, and Peter Dillon, financial director, led the buyout.

Mr Banham said: "We are delighted not only to have acquired the company with the help of Baring English Growth Fund, but also that Bob Young has agreed to remain as a director for three years.

"The company has strong trading results, a healthy order book, and we are confident of achieving further sustained growth."

Mr Young said: "I am pleased to be able to continue to assist the growth of the company in the future and believe the company, with strong financial backing from investors and its bankers, will grow both organically and by acquisition from the sound base that exists."

Nigel Barraclough, of Baring English Growth Fund, said: "We have been impressed by the quality of the company's management, who know these industries and businesses inside-out, by their plans for the continued development of the business in the years ahead and by the strength of the business's customer base."