Climate control specialist Rapid Climate Control is under new ownership following a management buyout.
Principals Barry Payne and John Dempsey have sold a controlling interest in the business to a group of the company’s senior managers for an undisclosed sum.
Mark Payne (pictured right) and Nick Payne (pictured left) take on the roles of joint managing directors, with respective responsibility for the installation and hire and sales divisions.
They will be augmented by a senior management team consisting of Chris Beament, Bob Eager, Paul Reynolds and Neil Payne.
Rapid Climate Control has three operating divisions - Rapid Heatbusters and Rapid Sales Direct which supply portable equipment for hire and sale, and Rapid Air Conditioning, which specialises in the design, installation, service and maintenance of fixed systems.
The company employs around 80 people, has its HQ in Dagenham and has branches in East and South West London, Birmingham, Manchester and Bristol.
Barry Payne, who will remain as chairman in the short term prior to a new CEO being appointed said: “John and I are looking to move on to retirement from the mainstream business and by handing over to a management team who have worked with us for many years, we know that the business will be in good hands.'