Wrexham-based Demon Tweeks Direct, global supplier of motorsport and performance tuning parts, has been the subject of a management buyout by its chief executive Jon Minshaw.

The MBO has been backed by the Bank of Scotland and Opus Ventures LLP, whose co-founder Laurence Vaughan - also the chairman of AM100-listed Sytner Group - joins the Demon Tweeks board as non-executive chairman.

The company has an annual turnover of £25m and a staff of 130. It is now planning a strategic roll-out of its retail and fitting operations to create a network of Demon Tweeks stores across the UK, and will be appointing a retail sales director in the near future to head this expansion.

Vaughan says: 'The management and staff have done an excellent job in recent years in increasing the company’s profitability, and it is now ready for the next stage of its development. Opus Ventures has the necessary experience and understanding of the business and the sector in which it operates to enable Demon Tweeks to achieve its ambitions and growth potential.'