The deal, which will enable existing shareholders to exit the business, was led by managing director Brian Lofnes and contracts director Chris McCall.

The transaction was financed by the exiting shareholders and NatWest Bank, with advice from Edinburgh-based accountancy firm Chiene + Tait’s corporate finance team, Omnium Law and Kingsley Wood Solicitors.

The management team had received offers for both a debt and an equity structured buy-out, but selected the NatWest option as the one which offered the greatest flexibility over the next few years.

Marmac Services was established 2002 and will continue to deliver a variety of high quality engineering support services to a broad spectrum of sectors including commercial, industrial, infrastructure, education and health.

Brian Lofnes, who together with Chris McCall are now 100 per cent owners of the business, said: “It took us longer than expected to complete this transaction but that is the price worth paying for a properly structured deal, which puts Marmac in an even stronger position to deliver best-in-class services for its clients over the coming years. We will remain ever grateful for the support and utter fairness shown by the exiting shareholders during this transaction, without whom this would never have happened. They established this business 15 years ago and Chris and I are delighted that two of the vendors have agreed to continue to have an active involvement with Marmac for the next few years.”