The deal will see Quattro Group concentrate on its primary rail plant business, while AB2K will operate as an independent company focusing solely on construction plant hire.

The buyout is led by Stuart Gardner and Mark Kirkwood, who take over as joint Managing Directors of AB2K.

John Murphy, managing director of Quattro Group, explained the strategic move was made as the two firms’ operations had increasingly diverged. “This move unlocks greater value for both businesses, allowing Quattro to continue making tracks in rail, while AB2K digs deeper into what it does best,” he said.

In a joint statement, Mr Gardner and Mr Kirkwood thanked Quattro Group for its support.

They said: “We’ve greatly appreciated our time within the Quattro Group and everything we’ve learned along the way, but now it’s time to get back to our roots.

“We’d like to sincerely thank John Murphy for his trust in us. He could have sold AB2K to anyone, but he chose to back us. We’re excited for the road ahead and to lead AB2K into an independent future, with a strong leadership team and a new vision, focused solely on construction plant hire.”