The Ellon firm said it had been acquired by Camlin Group, with the size of the majority stake also undisclosed.

Scotia Homes was founded in 1990 by Bill Bruce. The firm’s most recent accounts showed annual sales of almost £40 million.

It has developments in Forfar and Brechin in Angus, as well as Aberdeen, Elgin, Ellon, Insch, Inverness, Kintore, Laurencekirk, Nairn, Newburgh and Peterhead.

Following the death of Mr Bruce in November, the company was 58%-owned by managing director Martin Bruce, the founder’s son, and family. Other shareholders included Michael Zanre, whose family founded Peterhead-based fish and chip shop chain Zanres.

Martin Bruce, who has retained a minority shareholding and will continue to head up the firm as MD, said sale talks with Camlin started several months before lockdown.

He added: “David and Bruce have a huge amount of experience and knowledge of the property market in Scotland.

“It is reassuring they are taking a medium to long-term view of our business, and we are delighted to have them on board as our new owners.

“As well as their undoubted property experience and financial backing, David and Bruce will bring access to both strategic and landbank, with planning consent across the Highland, Tayside and Angus regions.

“This will enable the business to accelerate its geographic diversification and reduce its concentration risk to Aberdeen and the northeast, where the market is expected to remain challenging following the dramatic fall in oil and gas prices.”

Scotia’s latest accounts, for the year ending April 30, showed net assets of £28.7m, with no bank debt.