The watchdog had previously raised competition concerns over the merger, which would bring together two of only three key suppliers of standard foam sandwich panels in the UK.

Kingspan and Building Solutions were urged to address the CMA’s concerns within five working days.

Having failed to do so, the CMA has today referred the anticipated acquisition for an in-depth investigation.

Kingspan is the leading provider in the UK of standard foam sandwich panels, which are commonly used as insulated cladding on commercial and industrial buildings such as large waste facilities. Kingspan already owns a number of businesses that supply these products in the UK, including Joris Ide.

Building Solutions also sells a range of insulation and specialist construction products through a variety of businesses including Steadmans, Trimform, Advanced Cladding and United Roofing Products.