The acquisition attributes a value to TClarke’s shares of approximately £90.56m.

The Wider Regent Group, which is wholly owned by CEO Deep Valecha, was established in 1995 and is a leading supplier of gas and metering services to industrial and commercial customers in the UK, across a range of sectors including, leisure, care homes, manufacturing, food production and retail.

The acquisition follows Regent’s strategy to focus on areas of structural growth where it aims to obtain a greater presence in attractive segments such as those operated in by TClarke.

TClarke currently operates from nineteen locations serving the whole of the UK and employs a strategy of pursuing organic growth through five core market sectors, including engineering services, technology, infrastructure, residential and hotels, and facilities management.

TClarke has completed numerous landmark projects, ranging from iconic skyscrapers and mixed-use developments to critical infrastructure upgrades and renovation projects.

Regent does not intend to make any headcount reductions because of the acquisition and does not intend to make any changes to the business and the conditions of employment of the employees and management of TClarke and its subsidiaries as a result of the acquisition.

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The acquisition remains subject to several conditions, including the approval of TClarke shareholders and sanction by the court.

Subject to satisfaction of these conditions, the acquisition is expected to complete at the end of the second quarter or early Q3 2024.

Deep said: “TClarke is a business we have long admired since we started to invest in 2018.

“Given our admiration for TClarke, as part of our plans, we would like TClarke to continue its business in the manner in which it has been conducted.

“We will support the management team in their ambitions to strengthen the balance sheet and continue to grow the business.

“I am excited by the opportunities this new chapter presents for TClarke to pursue its long-term strategies to drive sustainable growth and innovation and explore new initiatives.”

Iain McCusker, chairman at TClarke, added: “After careful consideration and extensive discussions, I am pleased that the TClarke board has agreed to recommend that our shareholders accept the offer made by Regent.

“The board considers that the terms of the offer are fair, and the acquisition presents an opportunity for TClarke shareholders to achieve an attractive premium to the current share price.

“I am confident that together, with the support of Regent, we will achieve even more in the years ahead.”