Diana Cornish, the former chairman of Blue Arrow, has made her first acquisition.

The acquisition of SMS Ltd, a driver and industrial recruitment company, is the first in a planned series of acquisitions by Cornish and her business partner David Lake.

The purchase, effectively a management buy-out, was completed in conjunction with David Walker and Kevin Chatfield, the operational directors of SMS.

The team was advised by Deloitte, backed by fund managers Northern Venture Managers and Fortis Bank. John Bissell of Linsey Bissell Associates advised the vendors.

SMS is one of the largest independent driver agencies in the UK, with a turnover of £24m and 30 branches nationwide. Walker and Chatfield will maintain relationships with existing clients and branch staff.

Commenting on her future plans, Diana Cornish said: “We are looking to acquire a number of medium-sized companies that have positive growth prospects underpinned by committed managers with entrepreneurial flair.”

John Bissell of LBA added: “As far as I’m aware this is the biggest drivers business that’s ever been sold, so it’s a major acquisition.”

Cornish plans to build a group of companies that will “embrace modern technology, including web-enabled systems, as well as using traditional entrepreneurialism to continue to grow the group both organically and through acquisition”.

Cornish has more than 30 years experience in the recruitment industry.