A MANAGEMENT team has bought the UK's largest independent survey business.
OIS Survey, of Stockton, was sold to the team by owners Abbot Group, which decided it was no longer part of the core business.
The company provides topographical and engineering surveys of large-scale assets, such as railway lines, highways, coastlines and electricity grids.
Managing director Jim Taylor and chairman Steven Norris, the former transport minister, led the buyout bid.
Mr Taylor owned the business previously before selling it to OIS, a subsidiary of Abbott, in 1999. The company has 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 buyout, which secures more than 50 jobs in the region.
NVM is a specialist venture capital management firm, based in Newcastle, Reading and Edinburgh.
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