Virgin Wines, the online wine retailer, has been bought out by its management team in a £14m deal backed by Mobeus Equity Partners and Connection Capital.

Managing director Jay Wright, finance director Graeme Weir and marketing director Paul Adams bought the business from online wine retailer Direct Wines, which acquired the company in 2005.

Virgin Wines reported sales of £35m in the 12 months to the end of June 2013.

Direct Wines group chief executive Simon McMurtrie said: “The board of the Direct Wines group and our shareholders, the Laithwaite family, want us to accelerate our growth in the US, Australia and in our core Laithwaite’s Wine business in the UK and that is where we are now focusing our investment.

“Since Jay took charge of Virgin Wines in 2008, he and his team have done a tremendous job of growing the business in the UK and we wish them well as they embark on the next chapter of their Virgin journey.”

Direct Wines, which also runs Laithwaites, continues to operate Virgin Wines in the US and Australia.

Wright said: “The Laithwaite family and the Direct Wines management have consistently provided great support to my team and we are grateful to be given this new opportunity of developing the business further independently.”

The business will continue to be managed from Norwich and Preston.