PETER Gregory, Bowey Construction chairman, is to step down at the end of the month after helping steer the company through the greatest period of change since its formation nearly 100 years ago.

Mr Gregory was appointed chairman at a time when the decision had been reached for the group to split so that Bowey Construction and Bowey Homes could trade separately and focus more on their respective markets.

By the time he became chairman, Mr Gregory had 45 years' experience in the industry at John Laing Construction.

The past two years saw major changes in the growth of Bowey Construction. The finalisation of a successful management buyout was marked by the purchase of its headquarters building on Newcastle Business Park from Bowey Group in April, while turnover for this year is forecast to be about £48m, which includes the £20m King's Academy on Teesside - no small achievement for a contractor that was handling contracts for less than £5m in 1999.

Mr Gregory said: "Everything has gone according to schedule. Part of the plan was the decision that I would step down as chairman at the end of the second financial year after the management buyout.

"Naturally, I am sorry to be leaving, but on the other hand, I have enjoyed the experience tremendously and feel that I have helped the team both to widen its horizons and fulfil its potential.

"I am leaving the company at a time when it has a very bright future."