The receivers of the trucking group Wettenhalls have confirmed the sale of the business in a management buy-out.

The company was placed into receivership on January 25 and the Transport Workers Union feared up to 200 truck drivers in Victoria could lose their jobs.

Company receiver Brendan Richards, of Ferrier Hodgson, says the sale will preserve 200 jobs and put the company back in business.

"It was clear there was a future for this business if we could bring together the new management team with a restructure and a buyer within a very short time frame," he said.

Mr Richards says the closure of the express business and the sale of the Warrnambool business have put the company on a stronger footing.

"As a consequence, we are left with a stronger business that has the potential to generate value," he said.

"The new management team had a clear vision of how this business could succeed and worked with us to deliver this excellent result," he said.