One of Birmingham's biggest owner-managed construction and property consultancies has changed hands in a management buyout.
Back Group, based at Ludgate Hill, has been acquired for an undisclosed sum by three directors with an average age of 37 and will change its name to DBK Back.
They are Tim Downing, Duncan Berry and Steve Kelly.
Their aim, they say, is to grow the 70-strong company's £5 million annual turnover by a third within three years.
The legal adviser to the management buy-out team was Martineau Johnson, financial advice was provided by Clement Keys and Bank of Scotland provided funding.
The firm was founded by David Back in 1977 and operates in the residential, retail, industrial, health, education and arts property sectors. Key accounts are responsible for 75 per cent of Back Group's income.
Over the past five years the company has achieved income growth of 218 per cent through both new and existing client portfolios, as well as strategic acquisitions.
Managing director Mr Downing said: "Duncan, Steve and myself joined Back Group in our early twenties and between us we have already contributed 46 years of service.
"Along with David Back, we have been at the core of the practice's successful growth, which is why we're especially delighted with the response from senior management and employees, both in support of, and wanting to be a part of the buy-out.
"Whilst it will not signify any changes to the way we service our clients, our strategy for taking the business forward relies on the dynamism of the team and our ability to collectively develop relationships and opportunities from our expansive national client base.
"Staff loyalty has long been regarded as the backbone to our business model and we are incredibly excited about the challenge ahead."
Mr Berry said: "The ability to understand our clients' businesses, tackle the complexities of each specific project and deliver results successfully and on time is key in today's commerciallydriven property industry."
As well as its Ludgate Hill office in Birmingham, where it has 50 staff, DBK Back also offices in London and Manchester.
Mr Back will retain a role within the firm as chairman working at board level with the three new principal shareholders.
Three other directors, Kevin Foreman, Alan Stewart and Alan Muse, will also stay with the business and a total of 15 senior employees will have a stake in the company as a result of the buy-out.
Currently DBK Back is employed as the cost consultant on the planned redevelopment of Edgbaston Shopping Centre, a joint venture between Calthorpe Estates and Amec Developments.
The company has also been appointed by Arena Central as the project manager for their two million sq ft mixed-use development in Broad Street, Birmingham.