This business was bought by “a newly formed entity backed by a team of sector specialists” called Mapps Group.

Sureserve will focus on regulated businesses in compliance and energy services, which would provide a profitable platform for predictable growth, said chairman Bob Holt.

The renamed business company also announced this morning that chief financial officer Jeremy Simpson will be standing down after five years at the business.

He added: “Jeremy played a significant role in the growth of the Group over the last five years and its flotation on the stock market.

“The change follows the downsizing and focus of the group following the divestments.

“The Board would like to thank Jeremy for his contribution and wishes him the best for the future. An announcement will be made soon regarding his replacement.”