Shareholder ownership has now been extended to key members of the executive team through the deal.

Mark Davey, who founded the company in 1993, will continue to play an active role in the business in his  new role as chairman.

The MBO deal includes six members of the executive management team: Mark Johnson (group finance director), Matt Nicholson (managing director for Lakesmere South) David Gray (managing director for Lakesmere North), Ted McMullen (managing director, McMullen Facades), Ed McKenzie (commercial director, McMullen Facades) and Ronnie Mills (technical director, McMullen Facades).

Mark Davey said: “The senior management team have worked for Lakesmere for many years and it gives me immense pleasure to recognise the commitment and hard work they have invested into making Lakesmere the industry leader it is today.

“We continue to grow in a careful and controlled manner and the business is, and will continue to be in safe hands.”

Mark Johnson, group finance director who successfully led the MBO on behalf of the executive team, added “It was always our intention to introduce a strategy in Lakesmere that would aid future development and drive further integration across all our business units.

“Operationally things will remain unchanged however the MBO will provide additional strength to the Group board, establish a clear career path for our senior staff and continue to protect the interests of all our stakeholders”.