Fri, 24 Jan 2025 | BUSINESS SALE
A 50-year-old construction firm has transitioned to employee ownership. It means that Lancashire-based Barnfield Construction, which has been in business since 1976, will now be owned by its over 150 employees through an Employee Ownership Trust (EOT).
Barnfield Construction and its in-house, multi-disciplinary team operates mainly across the North West of England carrying out projects such as industrial, commercial, retail, leisure and hospitality and residential schemes. It posted a turnover of £73 million in its latest annual results to 31 December 2023.
The company believes that the move to an EOT secures the business's long-term success and empowers its employees by transferring a controlling stake in the company to the Trust, while the selling Webber family, who will continue to play a pivotal role, retains a minority interest.
Tim Webber, chairman and managing director of Barnfield Group, said: "The shift to Employee Ownership Trust status marks a significant milestone for us. We believe that empowering our employees to become owners will not only enhance our workplace culture but drive our success as a company. The Webber family will remain a vital part of the business beyond this transition and are committed to ensuring that Barnfield Construction and subsidiary group companies continue to be leaders within the industry."
Jenny McAndrew, spokesperson for the employees, added: "We are all very excited about the shift to an EOT. All staff will benefit from the transition and it provides them with added job security and long-term business continuity."
The company was advised by a team from Pierce led by Nadeem Hussain, Jeremy Rowe, and tax manager Ben Davies who assessed the business's needs and future aspirations, offering expert advice on valuation, structuring, and taxation.
Hussain added: "By embracing employee ownership, the company is fostering a culture of collaboration and shared purpose that will drive sustainable growth for years to come. It’s a privilege to be part of such a forward-thinking and meaningful journey."
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