Changes at Bowey as chairman retires after MBO.
The chairman of Bowey Construction is to retire at the end of the month.
Peter Gregory's departure comes 18 months after he led the company through a management buyout Buyout
The purchase of a company or a controlling interest of a corporation's shares.
A leveraged buyout is accomplished with borrowed money or by issuing more stock. .
Mr Gregory, who has 45 years experience in the building industry, said: "Everything has gone according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. schedule. Part of the plan was the decision that I would step down as chairman at the end of the second financial year after the MBO MBO
See: Management buyout ."
Following the MBO in May last year, Bowey Construction bought its headquarters building at Newcastle Business Park from the Bowey Group.
Turnover is expected to be pounds 48m this year, which includes the pounds 20m King's Academy contract on Teesside.
Mr Gregory said: "Naturally, I am sorry to be leaving, but on the other hand, I have enjoyed the experience tremendously and feel that I have helped the team both to widen its horizons and fulfil its potential."