AN ELECTRICAL firm has been subject to a management buy-out, funded by £2.3 million from the Royal Bank of Scotland's commercial banking arm.

The MBO of Wigan-based electrical wholesaler Express Electrical Distributors Limited has been completed.

The company was founded by Roy Jackson in 1976 and has been conducted as a family business since that time.

Mr Jackson's three sons have been involved in the running of the business for some time now as directors and minority shareholders. Mr Jackson will stay with the company as a consultant.

The companyhas an annual turnover of £14 million and it employs more than 120 staff across 15 depots in the North of England and the Midlands.

The financing for the buy-out was arranged by Jon Thompson and Graham Cooksey from The Royal Bank of Scotland commercial banking office in Bolton.

Mr Cooksey said: "As a valued customer for over 25 years, we have been delighted to assist the management team with their buy-out. They have a clear corporate strategy, first class processes and a highly skilled workforce and we look forward to working with them in the future helping them to fulfill their growth ambitions.

Simon Jackson, managing director at Express, added: "We are pleased with the assistance we have received from RBS - not only have they been responsive to our needs, they have given us excellent advice to the benefit of the business.

"With the financing in place, we are now implementing our business development plans."