The £500m turnover Greenhous Group says it will be business as usual after the company was subject to a management buyout for the third time.

Kerry Finnon and Derek Passant, previously holding 10% each as part of a 13-strong shareholder syndicate, each acquired 50% of the company in December for an undisclosed sum.

Finnon remains in charge of Greenhous Remarketing Services (GRS) while Passant, previously an executive director, takes charge of the motor division. The two will be joint chief executives of the group. “We want to continue what we have, and remain as Greenhous,” says Finnon.

Keith Sayfritz, previously joint MD with Chris Barry, becomes chairman of the group and MD of the commercial vehicle department.

Barry becomes a non-executive director along with Richard Paddock and Philip Pinkstone. The first MBO was in 1989, followed by another in 1998, led by Sayfritz.