Warehousing and distribution company Coales Distribution Ltd has been sold for an undisclosed sum.

The firm, which operates sites in Bradford, Halifax and London, has been sold in a management-buy out.

The company provides warehousing, transport, chemical sampling and supply chain solutions.

The Bradford warehouse and distribution centre, which is based on the Euroway Trading Estate, employs 50 of the firm's 80 staff members.

No jobs will be affected by the deal.

Coales, which also operates a recruitment agency for drivers and warehouse staff, was purchased by the management team from family-owned holding company Holdsworth Group.

The MBO team, led by managing director John Crooks, includes business development director Charles Southern and commercial director Les Hosier.

Mr Crooks said: "The completion of the deal is the culmination of a long period of hard work.

"The buy-out will give the business a fresh injection of energy and help us move it forward on its strongest footing."

The deal was funded by the Leeds office of Lloyds TSB Commercial Finance.

Nick Robson, regional director of Lloyds TSB Commercial Finance, added: "Coales is a niche player in the industry with a strong management team in place and a keen ambition to develop the business. We wish them every success."

Oliver Hoffman, corporate finance director at the Leeds office of Mazars, advised the buy-out team.

He said: "This transaction is a great opportunity for the team to capitalise on growth opportunities in the specialist chemical logistics market