Blantyre Capital describes itself as “a London-based investment firm focused on partnering with European companies in relaunching good businesses with temporary financial challenges.”

Latest results posted by McAvoy for 2018 showed a £1.8m loss on reduced revenue of £45m.

The McAvoy family – Orla Corr and Conor McAvoy – remain as shareholding directors and fully active in the business.

The current board will continue to be led by managing director Mark Lowry and will be joined by a director from Blantyre.

Orla Corr said: “We are extremely excited to partner with a highly respected investment fund that is fully aligned with our vision for future growth and our strategic plan.

“It was important for our staff, our customers and our valued supply chain to join forces with a dynamic and reliable investor who will help accelerate our growth.

“We have our strongest project pipeline for many years and in a diverse range of sectors.

“Partnering with Blantyre will enable us to leverage industry-leading offsite solutions across the UK and Ireland and to continue to develop our award-winning digital construction strategy.”

Adam Phillips, Head of Investments at Blantyre Capital, said, “The offsite sector offers enormous opportunities for transforming construction and is a sector in which we are keen to invest.

“We are confident in McAvoy’s growth potential and we are looking forward to a highly successful and productive business partnership.”