Existing managing director Nigel Hutchinson heads the MBO team.

Paddock, which generated sales of £27 million last year, trades under two main brands, ‘Lockmaster’ and ‘Mantis’, and has developed a strong presence in the social housing, new-build and household maintenance markets. With Granville Baird’s backing, Hutchinson hopes the company can further develop both its service and product offerings. ‘We intend to invest greater resources in our sourcing and distribution activities,’ he elaborates.

Richard Harvey, Paddock’s founder and erstwhile chief executive, will now step down.