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The founder of a logistics company has acquired the business in a management buyout.

Solihull-based Logik Logistics International was launched in 2012 by Peter Ackrill who has now bought the 80 per cent of the firm he did not own from Chapman Freeborn International for an undisclosed sum.

The company, which provides freight forwarding for time-critical deliveries to the automotive and other manufacturing sectors, has 17 members of staff but Mr Ackrill said he envisaged adding to the payroll over the coming years.

The deal was negotiated on his behalf by Thursfields Solicitors and accountants and business adviser Harrison Beale & Owen.

Tim Edwards, corporate director at Thursfields Solicitors, said: "I have acted for Peter for many years and we are delighted to have assisted him with the buyout.

"All parties worked extremely hard to get the deal done in a short timeframe.

"I am confident Peter will continue to grow and develop the business going forward and look forward to supporting him along the way."

Greg Philp, corporate finance director of Harrison Beale & Owen, added:  "It was fantastic being able to support Peter with the purchase of Logik.

"I know the business means a great deal to him personally which has made the experience all the more rewarding.

"It is testament to the strength of the company, and Peter's hard work and determination, that we were able to complete the deal in difficult circumstances."

Law firm Taylor Wessing acted for Chapman Freeborn International.