Chairman John Hall stated that the decision was a logical progression for the demolition, construction, and regeneration specialist, which has a turnover of £157 million. Reports Contract Journal
He said: “Selling the Group to a third party or breaking it up would never have been straightforward, or an option I would have considered.
“Our employees are the mainstay of the business, and it has taken a long time to create a group of companies that works so well together. Transitioning to employee ownership was the next natural step and I’m delighted that all the directors and staff have bought into the idea and been so supportive.”
The Group consists of 21 businesses operating from 16 locations across the country.
The Employee Ownership Trust (EOT) will include all businesses except for John F Hunt Power and Morris Machinery, which have seven regional offices and are not part of the new arrangement.
Hall added: “EOTs are now a ‘well-trodden and accepted path’ in continuing the success and growth of a business but the secret has to be maintaining the strength of the balance sheet and not to be greedy!
“Being quite realistic nothing will actually change in the day-to-day management of the Group and I’m delighted to remain as active Chairman.”
In its most recent financial results for the year ending 31 March 2023, the Group reported a 44% increase in turnover to £157 million, with pre-tax profits of £9.46 million and a net asset value of £38.6 million.
