The buyout has been supported by Lloyds Banking Group and will lead to the exit of two principal family shareholders.

Kerridge said that it would be "business as usual" at the Bardon, Leicestershire-based business.

He said: "We expect to continue with our current business strategy, with further organic growth anticipated.

"The business plan that has been created for the MBO has identified a number of potential opportunities for us to explore in the near future. We will also be keeping a keen eye on European developments."

In the last 10 years, the company has grown from a £10m-turnover company, to having a £108m turnover and four sites – with Kerridge aiming for £120m in 2012.

During that time it has acquired three additional packaging businesses and absorbed the order books of two further companies.