A management team has bought out the UK's largest independent survey business.

OIS Survey, based in Stockton, Teesside, was sold to the team by owners Abbot Group which decided it was no longer part of its core business.

The company provides topographical and engineering surveys of large-scale assets such as railway lines, highways, coastlines and electricity grids.

OIS developed helicopter mounted laser technology which allows it to collate data with unrivalled speed and accuracy.

Managing director Jim Taylor and chairman Steven Norris, the former Transport Minister, headed up the buyout bid.

Mr Taylor had owned the business previously before selling it to OIS Plc, subsidiary of Abbott in 1999.

The company has now been re-named Survey Inspection Systems Ltd.

Mr Taylor said: "We are delighted to have completed the purchase of the business.

"The recent advancements in our surveying methods and technology have enabled us to develop a real competitive advantage, and we are well positioned to expand into new markets.

"We have already received considerable interest from overseas and we have an excellent team in place to provide the resources to meet the anticipated demand."

Northern Venture Managers (NVM) backed the MBO which secures more than 50 jobs in the region.

NVM is a specialist venture capital management firm, which operates from offices in Newcastle, Reading and Edinburgh.

Bill Dempster, NVM's investment manager, said: "Survey Inspection Systems Ltd is an attractive investment opportunity for NVM. It is a market leader, with a strong order book that is drawn from a diverse client base."