Calverley-based Zenith Vehicle Contracts, one of the UK's larg-est leasing companies, has been bought out by its management for an undisclosed sum.

The management team - headed by managing director Andrew Cope, finance director Mark Philips and sales and marketing director Philip Jerome - have taken over the business which turned over £35 million in the last year.

The new owners, who were backed by venture capitalists 3i and the Royal Bank of Scotland, said they hoped to stimulate further growth at the company.

Zenith was established 14 years ago by a team headed by Henry Dean and is now one of the lead-ing fleet specialists in the UK with 11,000 vehicles under management. It made profits of £1.8 million in the last financial year.

As a result of the buyout, the founder directors will all leave the company.

Mr Cope said he wanted the business to continue to be a leading choice for fleet man-agement for major blue chip companies.

"Having worked for the com-pany since it was founded, this is a very exciting opportunity," he said. "Zenith is a company that has thrived on its inde-pendence and different way of doing things. The new owner-ship structure will ensure that this culture continues."

Henry Dean said he believed the deal secured the future of the business.

"I believe this deal is in the best interests of the company as it involves a seamless hand over of ownership to a team which shares the philosophy and val-ues which we have developed over the past 14 years," he said. "I am delighted to sell the busi-ness to Andrew and his team and am confident that he will provide the leadership and en-ergy to take the company for-ward." Andrew Garside, 3i director in Leeds, said: "Zenith is one of the UK's most innovative vehi-cle leasing businesses. It has experienced strong growth in the past three years and has good potential for future growth. We were attracted to the company by its entrepre-neurial culture and believe that, with support from 3i, it has an exciting and bright future."