Provan is managing director at Birmingham-based carton manufacturer and printer Printcut Boxfast.

A number of the company’s employees are also understood to be in the money after backing the horse, which was a 25-1 chance in the race.

“It is absolutely fantastic, we are all over the moon here!” said the firm’s Gebbie Williams.

Provan is a former amateur jockey who maintained his interest in horses and horse racing. He bought Pineau De Re last year from winning trainer Dr Richard Newland.

Newland said: “John Provan and I met 25 years ago, he’s my oldest racing friend and we’ve been coming here to Aintree for 20 years together long before I trained or even owned horses. It was always our dream to have a National runner.”

Provan described the experience as “a dream”. It was the first time one of his horses had run in the world-famous steeplechase.

He said: “I thought we could maybe win a Midlands National and Scottish National but we could only dream of winning THE Grand National, it’s a dream. We decided to come here and chase the prize put up by Crabbie’s and it’s a fantastic sponsorship.”

Saturday’s race was the first £1m Grand National.

RTA Publicity of Uxbridge produced the striking branding for the event.