Road construction services firm Tripod Crest has been bought by its management for £20m.
Managing director Mick Boyce led the buyout, which was backed by NatWest Development Capital and the Bank of Scotland.

He will become managing director and will be joined by fellow directors Arnold Breslin, John Farrier, Jim Tough and Chris Seamarks. Brain Pallard has been appointed non-executive chairman.

Tripod co-founder Eugene McTaggart will maintain a shareholding and will continue to work for the firm as a consultant.

Nottingham-based Tripod is the UK's largest provider of road-surfacing labour, and is also the country's biggest road-planning operation. The firm's clients include Balfour Beatty and Tarmac. Tripod also has scaffolding, groundwork and refurbishment divisions.

NatWest Development Capital provided £5.4m cash, and the Bank of Scotland contributed £12m through debt and working capital facilities.

KPMG acted as advisers to the deal and arranged the financial backing for the management team.