Former Aggregate Industries chief executive Tom launched a reverse takeover of Breedon Holding’s 29 quarries and 56 asphalt and concrete plants via his investment company Marwyn Materials.

Following completion of the deal, the group will be renamed Breedon Aggregates.

Breedon Holdings bought the Ennstone brand in a pre-pack administration in March last year after it collapsed with debts of £200m.

Tom is working with his chief executive Simon Vivian who is a former head of Hanson’s building materials arm.

Tom said: “Breedon represents a unique opportunity for us to acquire a profitable and well-invested building materials company at or near the bottom of the cycle.

“We are confident that we can appreciably improve the financial and operational performance of the business over the next few years, drawing on the experience and commitment of a board and senior management team with outstanding experience in our industry.

“Opportunities to secure such a substantial position in the UK building materials market come along very rarely.

“As the UK’s largest independent building materials business, Breedon provides us with an excellent launchpad from which to make further acquisitions and consolidate the smaller end of the UK market, and we already have several acquisitions in our sights or under negotiation.”