A FORMER Bolton man has sold a majority shareholding in his booming business for £4.1 million.

But Michael Ward, aged 36, a Bolton School old boy who used to live in Heaton, is continuing as managing director of Chichester-based Direct Life & Pension Services Ltd following its acquisition by the Skipton Building Society.

"There's no question of retiring," he said today. "I enjoy it."

Mr Ward started DLPS in May, 1990, with himself and one other person as a traditional IFA (Independent Financial Adviser) business.

He had a £5,000 bank overdraft and a £1,000 loan from his late father, John Ward, a barrister on the Northern Circuit.

New technology provided the momentum for growth and since 1996 DLPS has embraced new technology and developed a sophisticated, market-leading Internet platform and Interactive Voice Response system.

The business, which Mr Ward describes as "an online brokerage", now has 25,000 customers throughout the UK and employs about 35 people.

It won a prestigious award in March -- the Money Marketing Best Protection IFA of the Year Award.

Mr Ward said: "DLPS has firmly established itself as the premier provider of Term Assurance, direct to the consumer, in the UK.

"We have established a recognised brand which stands for competitively-priced insurance, supported by a quick and quality service."

Mr John Goodfellow, chief executive and director of Skipton Building Society, said: "This business brings a complementary range of skills to Skipton together with a service which will enhance the distribution opportunities for financial services within the group, in particular our own established IFA business, Skipton Financial Services Ltd."

Mr Ward, a father of three, attended Markland Hill Primary School and Hayward Grammar before Bolton School.

He studied physics and electronics at Liverpool University and then worked for a year for the Ministry of Defence in the Royal Aircraft Establishment at Farnborough.

But he decided it was the wrong career for him and worked in London for mortgage advisers John Charcol for three years before starting his own business.

He is convinced that DLPS -- he remains a shareholder -- will quadruple its business over the next three years with the backing of the Skipton Group.