Management and staff at Cala are sharing in a multi million pay day after a refinancing of the housebuilding and property firm.
Executive chairman Geoff Ball has received £21 million while more than 100 staff and senior directors will share £99 million.
They are each reinvesting at least a quarter of their gains, led by Mr Ball who is ploughing £5 million back into the company which is working on eight sites in the Midlands.
The move has been supported by HBOS, which supported the MBO of Cala eight years ago and is increasing its stake in the company from 30 to 40 per cent.
HBOS has put £60 million in cash into Cala, while £60 million has been raised from shareholders who are reinvesting.
Following the shake-up, Mr Ball and group managing director Alan Downie will remain the largest individual shareholders and will continue to be actively involved in running the company.
Mr Ball said: "The new arrangements will allow the original shareholders to realise part of their investment but also remain shareholders.
"The management team and employees remain in control of the business, with a strong, supportive backer in the shape of Bank of Scotland and the changes will mean that share ownership can be spread more broadly among all of our employees.
"I am particularly pleased that some 110 staff who were shareholders will benefit immediately and that the opportunity to buy shares in the new company will be open to some 350 additional staff across the UK."
He added: "I am delighted that Noble Grossart, who advised us in the first buyout, are also advising us in this latest transaction and that they too are continuing to invest in the company. By becoming a private company we were able to invest management time in the business rather than in the City and we have been able to flex our strategy in ways that allowed us to plan for the long-term, not for short term profit-taking and immediate dividend returns."
Alastair Hepburn, director in Bank of Scotland Joint Ventures, which supported the original MBO, said: "Our support and admiration for the Cala management team has been well justified. With our support, the company has been able to take a long term view and grow, and the success of this strategy is evident in its development."