The co-owner of a catering supplier to more than 500 schools, universities and businesses has bought out his business partner.

Nivek Catering Supplies boss Kevin Slater has bought the 50% shareholding of the firm’s fellow founder Kevin Hanson.

The Maidstone company, which employs 26 people, will be solely owned by Mr Slater, with the support of operations director Richard Barrett and sales director Nick Dwyer.

He launched Nivek – Kevin spelt backwards in honour of its founders – with Mr Hanson in 1990 and the pair grew it to a £4.5 million turnover business.

Its is hoped the management buyout will usher in a new phase of growth and is part of its succession plan. It was financed by NatWest.

Mr Slater said the deal “will enable us to begin the process of passing the business on to our directors, and to set it up for a period of prosperity as more local businesses are supplied by the company.

“We are confident that this financing puts Nivek in an excellent position to capitalise on opportunities in the marketplace and benefit the community as a result.”

NatWest senior relationship manager David Trinder said: “Nivek provides tremendous value to a number of the South East’s vital public centres and businesses.

“We look forward to what the future will bring for the business as it transitions to new ownership and looks to build on its success.”