Rydon Construction managing director Bob Bond, group legal director John Kitchin and finance director Paul Wright lead buyout of Sussex-based construction group.
Three directors at Sussex-based construction group Rydon Group have completed a £100m management buyout of the company.
The buyout was led by Rydon Construction managing director Bob Bond together with group legal director John Kitchin and finance director Paul Wright. The buyout began in February last year when the previous principal shareholders of the company decided to retire from the business.
Bond has become group chief executive under the new ownership, with his former deputy Malcolm Pollard replacing him as managing director of Rydon Construction. John Kitchen becomes managing director of Rydon Homes.
Bond said that he did not see a need for significant changes at the group 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 companies."
Rydon has a turnover of £195m and employs 600 people across the group. Its construction arm has a projected turnover of £116m this year.