Management buyout at Rapid Climate Control
The founders of Dagenham-based climate control specialist Rapid Climate Control have sold a controlling share of the firm to a group of its managers.
After more than 30 years in the business, joint managing directors Barry Payne and John Dempsey have decided to retire.
Barry Payne makes way for his son Mark Payne who has been involved in operations and now holds the managing director post jointly with the company's sales director Nick Payne (no relation).
The major shareholders involved in the buyout are Chris Beament, Paul Reynolds, Bob Eager and Neil Payne.
Rapid Climate Control's operating divisions are Rapid Heatbusters, Rapid Sales Direct and Rapid Air Conditioning, which designs, installs and maintains ac systems. The company has five key branches across the UK.
A new CEO has been found but Barry Payne will continue as chairman until handover to the new postholder is complete.
19 May 2008