PARCEL deliverer Amtrak Holdings has been acquired from its founder owner in an £86 million institutional buy-out led by venture capitalists 3i.

Amtrak was started in 1987 by Roger Baines and his wife Elaine, and over 12 years has been built into a successful express parcel carrier, focusing on next day delivery.

Through its 330 franchises operating from 115 depots, including York, it offers local service across the UK.

The company has a fleet of 1,000 vehicles and its depots span from Truro to Aberdeen. Mick Jones, who joins as chief executive, leads the buy-in team.

He was previously managing director of Business Post until July.

He is joined by non-executive chairman Richard Raworth.

Mr Jones said: "Amtrak enjoys a strong reputation in the market, particularly for its high quality of service and has demonstrated a consistent track record of growth. Turnover has grown by 250 per cent in the last six years to £60 million."

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.