To date the Investment Fund has provided growth capital for more than 50 companies wishing to scale up. It welcomes applications from a wide spectrum of businesses from outside the construction sector, and which offer opportunities for strong growth.

Technology companies are a particular focus. Mr McAninch is a non-executive director of Glasgow-based iOPT which raised £600k growth capital earlier this year, in a deal where Mactaggart & Mickel is lead investor.

He also sits on the advisory committee of the YFM Equity Partners 2016 Fund, to which Mactaggart & Mickel has also invested.

Mr McAninch said: “This appointment will enable me to bring my financial and investment experience to bear on the non-housebuilding areas of the company, ensuring that we grow the profile of this business and ensure our business strategies support the Group’s future growth plans.”

Ed Monaghan, group CEO of Mactaggart & Mickel, added: “Paul’s expertise has been instrumental to the success of our ongoing diversification programme, and the time is right for him to take a lead role as we continue to expand our business operations across the UK and internationally.”

Mr McAninch, who joined Mactaggart & Mickel in 2003 and has held a number of financial and management positions during his career, will also oversee a further three business areas: Commercial Property, International investments, and the Private Rental Sector portfolio. He will retain his group FD role.