A further cash settlement of up to £26m may be payable later, dependent on the combined performance of Geason and Speedy’s training business in the three years after the deal.

Geason founding directors Ian and Robert Kilpatrick (above) will transfer over as part of the deal.

The firm has over 1,100 apprentices and 500 NVQ learners currently on programmes and reported revenue of £8.3m this year generating a profit of £1.7m.

Recently Geason has provided training services for Berkeley Homes, Bellway, Morgan Sindall and Danny Sullivan Group.

Russell Down, chief executive of Speedy, said that the deal would allow Speedy to better support its customers in training and developing their staff and accelerate the growth of Speedy’s services businesses.  

He said: “This acquisition expands our training services offering and allows us to deliver flexible, progressive training programmes to support customers across the UK.

“I warmly welcome Ian, Robert and Geason employees to Speedy.”