All the shares previously owned by the £95m revenue group’s founder, Trevor Diviney, have transferred at full market value to the employee ownership trust.

Diviney, aged 54, will continue a hands-on role in the business as executive chairman.

As part of an associated management restructure, John Diviney becomes managing director, Michael Greene is appointed deputy managing director and Stephen Bell, Finance Director.

Diviney said: “Over the past 24 years, the group has experienced steady controlled growth.

“The continued advancement, reinvestment and progress over the years has culminated in GCL being rated as one of the top 10 concrete frame contractors in the UK .”

He added the business now offered a greater breadth of service including principle contractor roles, with group companies also providing off-site manufacturing options in pre-cast concrete and has a substantial tower crane business.

“The EOT route will enable us to transition the ownership structure without the potential disruption a sale to new owners might involve, thereby maintaining continuity of culture.

“It is also an opportunity for us to recognise and reward the contribution our staff make to the development and continued success of the group.” said Diviney.

The Trust will be represented by a corporate trustee: GCHL Trustee Ltd, led by independent chairman Paul Hickey.