Thu, 08 Aug 2024 | BUSINESS SALE
A Lancashire-based construction company that has been family-owned for more than 60 years has moved to employee ownership. Conlon Holdings Limited, including Conlon Construction, was established by the five Conlon brothers in 1961, and has now transferred to an Employee Ownership Trust (EOT).
The company was established when the Conlon brothers worked on the Preston Bypass road project – now known as the M6. The business has brought forward a variety of different construction projects since it was first founded and has a 72-strong team.
In its most recent accounts at Companies House, for the year to October 31 2023, Conlon Holdings Limited reported turnover of £39.7 million, up from £36.7 million a year earlier, with the vast majority of turnover (£38.4 million) derived from the group’s construction business.
Despite this, operating profit dipped from £1.7 million in 2022 to £623,000, which was attributed to the closing down of the group’s glazing and facades business and the delayed sales of its residential homes site.
The move to the EOT reportedly followed months of planning at board level, with the transaction being advised on by Kevin Steven at Pierce Corporate Finance, Blackburn, and Stephen Hadlow at Brabners Law, Manchester.
Chairman Michael Conlon said that the deal was “completely aligned with our company ethos” and that staff had been “at the heart of the company” since it was founded.
He continued: “By implementing this transition now, the family believes it is the best outcome for the business and, most importantly, for all of our colleagues.”
"The current board of directors will remain and will still have responsibility for running the business. The directors will now be accountable to a trustee board, which will include two elected employee trustees.”
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