Outsourced car valeting provider Autoclenz Holdings has undergone a successful £4m management buyout.

Through the MBO, Autoclenz and its subsidiary Autoclenz Services have been taken over by existing directors Grahame Rummery and Trevor Clingo and divisional directors Deryck Worrall and Martin Ward. In addition two new investors have joined the team as directors: Adam Reynolds and Paul Foulger.

Autoclenz provides car dealerships and similar businesses with high-quality car cleaning and valeting services.

Following the MBO, the Swadlincote company will look for further market opportunities and focus on delivering a first-class service to its clients as it pursues its UK-wide market growth strategy.

The £4m facility was provided jointly by the Nottingham team at RBS Corporate & Institutional Banking (CIB) and RBS Invoice Finance.

RBS CIB has also become the day-to-day banking partner for Autoclenz.

Trevor Clingo, finance director at Autoclenz, said: "The MBO has allowed the management team at Autoclenz to really focus on growing the business.

We have been thoroughly impressed by the support from the Royal Bank of Scotland and believe that we have an excellent opportunity to develop Autoclenz further into a premier UK brand that Swadlincote can be proud of."