A MULTI-millionaire who started a tyre distribution service 34 years ago from a humble shed in Hampshire is today even richer.

And Tony Todd has now boosted his wealth by several millions of pounds more after selling his firm Micheldever Tyres.

The company has just been sold by Mr Todd, who is now retired, for an undisclosed figure to the firm's management team and mid-market private equity investors Graphite Capital.

Tony was the driving force behind the incredible expansion of Micheldever Tyres, which employs 550 people and last year made £5m pre-tax profits on a turnover of £148m.

The firm, which has its headquarters near the railway station at Micheldever, is the UK's largest independent wholesaler and distributor of tyres.

The local outlet is believed to be the busiest tyre retail outlet in Europe.

Tony's deal was led by Simon White, the director of Southampton based Aztec Corporate Ventures.

Tony paid tribute to Aztec, adding that it had been a "difficult decision" to sell the business.

He said: "The advice was spot on every time and Simon has achieved an outstanding result for me."

Simon said: "Tony has built up an outstanding business over the last 34 years.

"With a 24 per cent per annum growth over the last five years the business has a fantastic track record.

"The management team are some of the best in the industry, which, combined with a consistent market and substantial growth opportunities, means the outlook for the business remains very exciting."

The management buy-out team consists of the existing management team and incoming chief executive Paul Fox and finance director Richard Sawney.

Graphite Capital hit the headlines last month after buying up UK holiday park business Cinque Ports for £130m, with the two founders receiving £88m in cash. Cinque's turnover was £41m last year.

The Micheldever deal - one of the biggest transactions completed in the south for some time - is the third for White's Aztec since it was set up ten months ago.

It advised on the £52m management buy-out of defence business Racal Acoustics and a similar £13m deal involving the Nordic Holdings waste business.