Management buyout of the building division of MJ Gleeson expected to generate a £230m turnover in its first year.

A successful management buyout of the building division of MJ Gleeson has led to the launch of contractor Gleeson Building, which begins trading today.

MJ Gleeson will continue to have a 20% stake in the new firm, Gleeson Building Limited (GBL). GBL, a private company owned by the former management, is expected to generate a £230m turnover in its first year.

The management team is led by Martin Smout as chairman and CEO, with Peter Stone as commercial director and Mike Lethaby as finance director. They will head up a firm of 400 employees spread across five regions.

Smout said “Our immediate goal is to build on our existing client relationships within the industry. We want to increase our success as a preferred supplier, while providing a safe and inclusive working environment where everyone gets to share in the success of the business