The business has over 1,500 new homes currently on site, and a pipeline of projects across the central belt with some of Scotland’s largest housing associations and social landlords.

The existing leadership team will drive forward the growth of the business in the affordable housing construction sector, which continues to be a priority for the Scottish Government following the recent publication of the Infrastructure Investment Plan.

The deal will see the majority shareholder of the business, Ross McTaggart, who retired in 2017, and current managing director Gary Climson sell their equity holdings to the management team.

Mr Climson said: “Succession planning is a crucial element in the governance of any business and it is important to have a plan in place to ensure the smooth running of the business over the longer term.”

“The business has grown substantially in the last four years, and the management team have been at the heart of that growth, therefore this is a logical progression for us all.”

Mr Climson will remain in his post as managing director until his planned retirement from the company in three to five years’ time.

Janice Russell, fellow director, added: “Building a resilient and sustainable business with a clear long-term strategy has always been the Board’s focus, and the management team will continue to hold these values at our core going forward.”

McTaggart have recently been awarded contracts in excess of £30m including a second phase of new homes at Tarryholme in Irvine for Irvine Housing Association, 72 new homes in Kilwinning for Cunninghame Housing Association plus new clients such as Renfrewshire Council and North Lanarkshire Council.