Landscape and groundworks specialist, M Squared, is working with advisers at AAB on two potential acquisitions that it hopes to complete in the first half of the new year.

The Glasgow-based company said it is targeting firms in the same space with £2.5m to £10m in revenue and ebitda of £250,000.

In a statement, the company told Daily Business: “We currently have two opportunities under consideration.

“The focus is initially within Scotland, however we have been presented with opportunities further across the UK which potentially have synergies in supporting our project delivery in London and Birmingham respectively.”

It expects to finance any deals through our existing funding partners, Ultimate Finance and RBS and expects the first deals by the second quarter.

Since its inception 10 years ago, M Squared has increased annual revenue by 40% on average and is now readying itself for a period of significant growth. The business is targeting £25m in revenue by 2027 and is aiming to grow the team from 95 to at least 125.

Contracts have included the regeneration of Wembley Park, a restoration project at Cameron House, an expansion and restoration of Motherwell train station, and the opening of Barclays’ Glasgow campus and River Clyde regeneration project. The firm has been named in the Financial Times’ list of the 1000 Fastest Growing Companies in Europe.

M Squared was founded by current managing director, Kerr McEwan, following his participation in Entrepreneurial Scotland’s Saltire Scholars programme. He recently completed the Hunter Foundation’s Scale Up Scotland programme to help supercharge the wider growth plans for the business.

He said: “To consistently grow our revenue over the last 10 years is not only a fantastic achievement but testament to the incredibly talented team we have assembled.

“I’m proud to have founded M Squared which now fills a crucial gap in the market for a service-agnostic construction business capable of adapting to the ever-changing market demands.”