Marketing and distribution specialists Petty, Wood has been sold to an HBOS-backed management team for an undisclosed sum. There will be a new management team headed by newly appointed CEO Mike Hogg, former commercial director of Uniq's Smedley's Salads. He takes over from outgoing managing director Tony Noble. Petty, Wood's clients include food and drink brands such as Duchy Originals, Bonne Maman and Amoy. It has a turnover of £40m and employs 120 people. "The most important thing moving forward is to retain our brand principles and excellent relationships with customers," said Hogg.