RBS backs management buyout at plant hire firm

Tom Blackwood bought Blackwood Plant Hire from his father, Tom Sr, in 2001 and has now has now sold it on for an undisclosed sum to a management team led by sales director Paul McCormack and plant manager Allan Wilson.

The company supplies machinery across the UK and is expected to turn over £18.5m in its latest financial year, up from £14.8m in 2015-16. Pre-tax profits in the year to March 2016 were up by 42 per cent on the previous 12 months at £1.7m.

Under the terms of Royal Bank of Scotland’s loan, Mr Blackwood, 48, will act as chairman and retains a 10% stake in the business with his wife.

He plans to concentrate on developing his growing Blackwood Decorative Aggregates business into a garden centre.