Jarvis fit-out arm Jarvis Newman has been bought out by a management team led by former Jarvis director David Freeborn.

The subsidiary, which works across the UK, has increased its turnover from £13m to £40 in the past three years.

The management buyout was funded by Lloyds TSB Development Capital. Freeborn is chief executive and his brother Nigel and Peter Kilby are joint managing directors.

The team plans to improve relationships with blue-chip clients and subcontractors.

David Freeborn, who left Jarvis in 1999, said the firm’s new independence gave it the opportunity to increase turnover and profitability.

He said: “We have the benefit of quality staff at all levels that will enable us to drive the business forward constructively, working closely with existing and new clients and developing model supply-chain relationships.”

Freeborn said the firm would be looking at future acquisitions in the facilities management and office furniture markets to form a group of fit-out-related specialists.