Three directors at East Sussex construction oufit Rydon Group have completed a £100m buyout led by Bob Bond, Rydon Construction's managing director, with John Kitchin, group legal director and Paul Wright, group finance director.
The deal comes four months after Building first revealed the plans (30 September).
Bond has now become group chief executive with his former deputy, Malcolm Pollard, replacing him as managing director of Rydon Construction. Kitchen becomes managing director of Rydon Homes, near East Grinstead.
Bond said that he did not see a need for significant changes but would attempt closer integration of the business, which includes Rydon Homes and Rydon Construction.
He said: "Rydon has been extremely successful over the years and we do not see any need for significant changes. What we will be bringing is a greater focus on integration so as to maximise the opportunities presented by the broad range of talent and expertise within the group."
We do not see any reason for significant changes
Rydon group chief executive Bob Bond
Rydon has a turnover of £195m and employs 600 people. Its construction arm has a projected turnover of £116m this year.
Ryhurst, the PPP company that has been associated to Rydon Group through common shareholding will now become a fully owned subsidiary. It will continue bidding for and managing PFI and LIFT schemes and will seek to explore PPP in other markets.