Leading construction and fit-out company, Gilbert-Ash has announced the transition to an Employee Ownership Trust (EOT).
Established by the UK government in 2014, the employee ownership model has gained significant traction in recent years, with construction firms in the top five sectors for EOTs. These trusts were created to enable employees to acquire, through the sale of shares by existing owners, a controlling interest in a company.
Gilbert-Ash Managing Director, Ray Hutchinson, said the decision followed lengthy and careful consideration by the directors and shareholders who concluded the time was right for the company to transition its ownership structure.
He said: “The recent success of Gilbert-Ash has, in many ways, been built upon the fact that we have been an employee-owned company for more than 50 years.
“Moving to an Employee Ownership Trust embraces that fact further and replaces the existing narrow shareholding with a structure that is designed to benefit all employees in perpetuity.
“We are confident that the transition to an EOT is firmly in the best interests of our people, the future success of our business and retains our roots as an employee-owned company.
“As an employee-owned company we have seen the benefits of improved loyalty, productivity and innovation from our people, and we believe moving to an EOT will enhance these values even more.
“This restructure will give our people a greater say in the future growth and direction of Gilbert-Ash. Following expert external advice from our advisors PwC, who helped with all aspects including the overall design and structure, EOT best practice and principles, tax, legal, and valuation aspects, this new model will equip us to face the future with confidence.”
Gilbert-Ash reported its highest ever turnover figure with sales of £267million in 2023.
Looking ahead, the company remains in a robust financial position with a significant order book, featuring several high-profile projects, including the major refurbishments of Tate Liverpool and Theatr Clwyd in Wales.
One of Gilbert-Ash’s most prestigious projects in recent years, the largest refurbishment in the history of the National Portrait Gallery in London, was nominated for the Stirling Prize last year. This was the fifth time a Gilbert-Ash project was a finalist with the Everyman Theatre winning in 2014.
The company has a unique approach to construction, fit-out and refurbishment based on the belief that great buildings come about through hard work, inspired innovation and genuine collaboration. Sustainability is a key focus for Gilbert-Ash with a number of initiatives underway to help the company to drive down its carbon footprint.
To find out more about Gilbert-Ash visit www.gilbert-ash.com.