Clancy, aged 67, is understood to have been involved in a tractor incident at his home in Buckinghamshire, although no details have been released by the family.

He first joined MJ Clancy & Sons in 1972, helping to turn the company originally founded by his father Michael into a large independent UK construction business, employing a direct workforce of nearly 2,500 people.

Working in a number of roles and as a director from 1975, he and his brother Kevin Clancy became joint managing directors in 1984 following Michael’s death.

During Dermot and Kevin’s tenure, the business grew from £8m to over £300m annual turnover.

Dermot was instrumental in building Clancy’s successful plant and development businesses alongside its construction expertise within water, electricity and civil engineering.

Seven years ago, Dermot and Kevin became joint chairmen.

Their nephew Matt Cannon became the third generation of the family to assume responsibility as chief executive at the start of this year.

Cannon said: “Dermot was a much loved, husband, father, grandfather, brother, uncle, friend and colleague and will be greatly missed by all of those lucky enough to have known and worked with him.

“With his brother Kevin, our wider family and our exceptional team, Dermot played a pivotal role in establishing our business’ reputation as an industry leader with family values at its core.”

Ronan Clancy, Dermot’s son and associate director at Clancy, added: “Dad’s big character, welcoming nature and enthusiasm for all aspects of his personal and working life brought huge affection from those he met.

“Alongside his successful business career, he was above all a great dad who always put his family first.”