Matt Lowe has been announced as chief executive of LNT Group.

Lowe (pictured) was commercial director at the company for three years prior to his promotion. His new role will involve taking on responsibilities that were previously carried out by LNT Group founding chairman Lawrence Tomlinson.

Before LNT Group, Lowe was a regional director, corporate & institutional banking at RBS for over five years. He also spent three years in the early 2000s at KPMG Advisory as associate director.

Tomlinson said: "I'm really pleased to have Matt take the helm of the business. He has been an important part of LNT for many years and I know he will continue to develop the businesses in line with my vision. My role will now be more strategic and forward planning, in line with a traditional chairman’s position."

Lowe's promotion follows the announcement of retirement home provider Anchor's £100 million acquisition of 24 care homes from Ideal Carehomes, a LNT Group subsidiary.

Lowe said the deal, announced this September, meant that LNT was debt-free and that the company could "now concentrate on our growth without the distraction of frequent refinances".

"Whilst we have retained 16 of our homes under the Ideal Carehomes brand, we are a much smaller business now. My focus is going to be on retaining the family business feel and looking at how we can reward our staff for their performance and loyalty to the business," he added.

LNT Group focuses on five core industries; healthcare, construction, chemicals, automotive and software.