Yet Tom Gallagher, an analyst at ISI Group, a broker-dealer, estimates that investors' expectations of yields in five years' time, when such temporary factors will have faded, are no higher than they were last summer.

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Chief executive Craig Gallagher, who led the original management buyout of the company from engineering group Motherwell Bridge in 2007, will be chief executive of the enlarged business.

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In the run up to the 1997 election and afterwards, Mr McGee - who discovered the group Oasis - attended a champagne reception with Oasis frontman Noel Gallagher at Downing Street.

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