Michael Ward, a transport refrigeration specialist, has been bought by a management buy-out team. The deal was financed through debt provided by The Royal Bank of Scotland (RBS) in Bolton.

Michael Ward, a transport refrigeration specialist, has been bought by a management buy-out team. The deal was financed through debt provided by The Royal Bank of Scotland (RBS) in Bolton.

The buy-out was led by former finance director Graham Galloway, who becomes managing director. He was joined in the deal by technical director Paul Mills and commercial director Paul Delanty.

The company, which was established in 1975, was sold by major shareholders Michael and Susan Ward.

RBS’ team was led by Jon Thompson, business development manager at RBS Commercial Banking in Bolton, who said the bank backed the deal due to Michael Ward being a major player in a niche market.

No one at Michael Ward was available for comment.

The Bolton-based company provides a fleet of refrigeration units for clients such as Brakes Brothers, Volvo, McBurney and TTL Equipment Leasing. It has depots in Tadcaster, Willenhall and Livingston.