The move will see shareholders Peter Wakeford, Tom Wakeford, Ed Wakeford and David Wakeford each owning companies within the current Stepnell Group – reflecting their expertise and boosting growth.

Tom Wakeford will continue to lead the Stepnell Ltd construction business with its existing leadership team and Step Energy, the decarbonisation and renewables business, and Ed Wakeford will continue to lead the property and development business.

In a collective statement, shareholders said: “The effect of the demerger will positively benefit current and potential clients providing clear leadership for each of the respective businesses and their employees.

“Operating the group as independent businesses will enable us to be more agile to focus on our clients, boosting these robust businesses in our chosen markets – and creating greater potential for each business to expand, invest and further improve the offering to its clients and employees.

“We aim to conclude the demerger in January 2025; the businesses will continue to deliver for our clients and stakeholders as we transition into full demerger.”

Group accounts for the year to March 31 2024 are due shortly at Companies House.

Figures for the previous year show a turnover of £95.3m generating a pre-tax profit of £1.3m.