Parcel delivery price comparison site Parcel2Go has undergone a management buyout.

The MBO at the Bolton-headquartered firm was backed by Mayfair Equity Partners.

It will see the management team retained and take a majority shareholding in the business.

A high percentage of employees will continue as shareholders in the business through the existing employee Enterprise Management Incentive scheme.

Parcel2Go provides its customers with an alternative to the Post Office and claims it gives them savings in excess of 50 per cent on delivery services.

The business has recorded more than £100 million in revenue this year and operates three business lines: standard price comparison; a white label service to parcel carriers containing fully hosted website and post-sale customer service; and pallet pricing comparison options across 17 European countries.

“By operating three complementary business lines, we have successfully delivered strong organic growth and cemented our position as a market leader,” said executive chairman James Greenbury.

“It’s testament to the family that we created that they have chosen to continue the journey with us.

“In Mayfair, we have found the ideal equity partner to help us achieve our long-term ambitions and we look forward to working closely with the Mayfair team.”

Daniel Sasaki, managing partner of Mayfair Equity Partners, added: “Parcel2Go has rapidly achieved a market leading position, providing both carriers and customers a unique offering and excellent quality of service.

“Price comparison websites have become part of consumers’ everyday lives and parcel delivery services is one of the fastest growing categories within it.

“As James and his team continue to disrupt the market, we look forward to bringing our prior experience in the PCW space to bear and helping them to achieve their next phase of growth.”