The loan was taken out to help fund the £40m employee ownership buyout in 2021. Now just £1.5m remains outstanding, with the firm aiming to wipe it out by autumn – halving the original 10-year repayment timeline.

Latest results for 2024 show pre-tax profit more than doubled to £7m on turnover slightly down at £133m. Operating margin surged from 2.6% to 7%, while year-end cash rose nearly a third to £23m.

The improved performance allowed Neilcott to pay a £5.4m capital contribution to its Employee Ownership Trust and distribute £300,000 in profit share to staff.

Managing director David Huxley said: “These results enabled the company to continue to accelerate the capital contributions to the Neilcott Employee Ownership Trust.”

He added: “We are proud to be a financially secure, employee-owned business that continues to invest in our workforce, our infrastructure, and our future.”

The Orpington-based firm, which employs 177 staff, has since made £7.5m in early capital repayments, slashing interest costs.

Looking ahead, Neilcott expects “managed growth” supported by a healthy pipeline.

This year Neilcott is forecasting turnover increasing to £150m with an operating profit of around £13m. Its work pipeline remains strong into 2026 with over £80m already secured.