Oswald Record has five depots across the UK including a head office in Chesterfield.

The acquisition will allow LSGI to introduce marketing tools to help assist company growth, implement a new distribution agreement, offer incentive schemes for employees and, in the long term, recruit additional staff.

Malcolm Bowers, Chairman of LSGI, said: “Following the retirement of Anthony Record, it made sense for LSGI to acquire the company allowing us to apply our industry expertise and support its growth.

“By introducing simple measures like new distribution agreements and marketing tools, we believe that we can sustain and expand on the company’s 90 plus years’ successful trading history.

“We see Oswald Record as an ambitious organisation growing into one of the leading players in the UK’s construction plant market.”

Frank Iszard has been appointed by LSGI as commercial director for the company to oversee all trading activity as well as developing existing and new dealership relationships.

He joins the company with a strong background in construction plant having spent time with HSS, Hewden, and currently Leach Lewis where he is UK and Ireland sales and operations manager.

Anthony Record, retiring managing director and majority shareholder of Oswald Record, said: “It was important for me to leave the business in suitable hands that would value what the company has achieved to date and allow the potential growth of the firm.

“LSGI’s involvement will help the business achieve its goals to expand the Oswald Record’s brand presence and operations across the UK.”