Mr Reed, who has been with the company for 25 years, and his three partners Duncan Syers, Christopher Corkhill and Paul Venable, formed a new holding company called S&G Holdings.
At the time of the purchase the investors said Simpson & Gregg would continue to trade as a separate entity and exist alongside their other businesses, which included two Leeds-based engineering businesses, Hevertech and Gill & Wilkinson. Simpson & Gregg made up around £12m of the three companies’ combined annual turnover of £40m.
At the time, Mr Reed, who continued as managing director, said: “In many ways it’s business as usual, but working alongside other businesses in the sector will offer us an excellent opportunity.
“The access to new clients and markets, different skills and expertise as well as the increased buying power we will have straight away is great news for us and our clients and immediately puts us in a strong position to increase our market share.”
Mr McLean added: “There has not been a lot of work in the new housebuild sector and the margins on available work were tight, affecting the company’s profitability.”
