The move sees Conlon Holdings Limited – including Conlon Construction – now owned by its 72 staff.

The formerly family-owned firm was established in 1961 when the ‘founding fathers’ – the five Conlon brothers – were working on The Preston Bypass which is now the M6.

Chairman, Michael Conlon, said: “What we’re doing is completely aligned with our company ethos.

“From the outset, our founders, those five young Conlon brothers, put people at the heart of the company. By implementing this transition now, the family believes it is the best outcome for the business and, most importantly, for all of our colleagues.

“The current Board of Directors will remain and will still have responsibility for running the business. The Directors will now be accountable to a Trustee Board, which will include two elected employee Trustees.

“We would like to sincerely thank all our colleagues, clients, and supply chain members for their contribution towards making Conlon the success story it has become. We look forward to their continued efforts, trust and support.”

Latest accounts for Conlon Holdings show the firm made a pre-tax profit of £1.98m for the year to October 31 from a turnover of £39.7m.

The original five Conlon Brothers