Cross-Solent ferry operator Wightlink has been sold in a secondary management buy-out led by chief executive Mike Aiken in a deal worth £180m.

Wightlink operates eight car ferries and four fast catamarans on three routes - Lymington to Yar-mouth, Portsmouth to Fishbourne and Portsmouth to Ryde.

Mr Aiken, finance director Adam Humphryes and 14 managers have now enhanced their original equity stakes in the business.

The Royal Bank of Scotland is supporting the management of Wightlink Holdings Limited in the move that comes six years after a management buy-in led by Mr Aiken when the business was bought from Sea Containers for £100m.

This was initially backed by Cinven and The Royal Bank of Scotland Leveraged Finance group. In 1999, the acquisition finance was repaid from the proceeds of a 25-year £135m secured bond issue, which remains in place.

Mr Aiken said: "We have been supported admirably by Cinven over the past six years and are now delighted to be able to move forward on a solid financial footing under management ownership.

"Our considerable investment in new ships over the past two years underlines our commitment to providing the best cross-Solent service.''

Wightlink's cargo is broadly split between cars, totalling 1.11 million in 2000, foot passengers, which added up to 5.33 million last year, freight and coaches.

The company has recently taken delivery of its largest ferry to date, which will provide additional capacity on these routes.

The latest vessel, St Clare, entered service in late summer with capacity for 186 cars and 870 passengers.

Bruce McLaren, head of Debt Ventures at The Royal Bank of Scotland, said: "Wightlink is a profitable business with an extremely competent management team."