Mon, 21 Apr 2025 | BUSINESS SALE
Construction and fit-out company Gilbert-Ash has transitioned to employee ownership. That means the Belfast and London based business will be owned by its 200 employees through an Employee Ownership Trust.
The company works across a range of sectors such as workplaces, hotels, education and healthcare. Its projects include a recent refurbishment of the National Portrait Gallery in London.
Gilbert-Ash managing director Ray Hutchinson said that the directors and shareholders had decided “the time was right” for the company to transition its ownership structure.
Hutchinson 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.”
He added that he was confident that the transition to an EOT is firmly in the best interests of its people, the future success of its business and retains its 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,” he said. “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 best ever turnover with sales of £267 million in 2023, although its pre-tax profit dropped to £1.9 million from £4.2 million the previous year. It blamed “unprecedented inflation” which raised costs.
However, it has a significant order book, featuring several high-profile projects, including the major refurbishments of Tate Liverpool and Theatr Clwyd in Wales.
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