Tom Blackwood bought Blackwood Plant Hire from his father, Tom Sr, in 2001 and has now has now sold it on for an undisclosed sum to a management team led by sales director Paul McCormack and plant manager Allan Wilson.

The company supplies machinery across the UK and is expected to turn over £18.5m in its latest financial year, up from £14.8m in 2015-16. Pre-tax profits in the year to March 2016 were up by 42 per cent on the previous 12 months at £1.7m.

Under the terms of Royal Bank of Scotland’s loan, Mr Blackwood, 48, will act as chairman and retains a 10% stake in the business with his wife.

He plans to concentrate on developing his growing Blackwood Decorative Aggregates business into a garden centre.