Wed, 05 Jul 2023 | BUSINESS SALE
Glasgow-based Tough Construction has been acquired by an Employee Ownership Trust (EOT) after its owners decided to sell in order to retire. Bob Leishman, George Duncan and Kenny MacKenzie, who took over the business in 2007, have sold the firm’s entire shareholding to the company’s staff.
The company has a headcount of more than 500 staff, meaning it is now the largest employee-owned business in the country. The deal will see Gary Hassan and Mhari Greer join the company’s board as commercial director and finance director, respectively, while Alistair Lauder has been promoted to managing director.
Lauder said that the company’s shareholders “are demonstrating tremendous vision in transferring their shareholding to the trust”, adding that he believed the transaction was “good for the company and for the employees.”
Outgoing shareholder Bob Leishman credited much of the company’s success to its staff, saying that it has relatively low turnover compared to other construction firms, as a result of the “opportunities”, including training and development, that it offers to employees.
Leishman added: "A sale to a third party may have disrupted that. This move to employee ownership allows the company to continue to offer excellent service to our clients, and secure employment for our people.”
“A sale to an employee ownership trust lets us have our exit, knowing that the company is in safe hands. We have a talented leadership team ready to take over and it’s time for the old guard to step aside. So far, the news has been well received by staff and clients.”
The business was founded in 1974 and mainly works on housebuilding projects covering central Scotland, Ayrshire, Fife and Perthshire. In the company’s accounts to the year ending July 31 2022, it reported turnover of £67.8 million, up from £57.9 million a year earlier, while pre-tax profits increased from £2.2 million in 2021 to £4.2 million.
At the time, the firm’s fixed assets were valued at £3.7 million and current assets at £24.9 million, with net assets amounting to £11.1 million.
Read about M&A in the construction industry.
Read more about Employee Ownership Trusts
This reputable company is a leading supplier and installer of commercial flooring and hygienic wall cladding, known for its strong relationships and premier installer status with a market-leading manufacturer. With a broad range of installation solut...
This company offers a unique opportunity in the niche market of repair works for fire and flood-damaged properties, serving the insurance industry with a focus on responsiveness and transparent processes. With a vetted network of contractors and nota...
This well-established fourth-generation business provides a comprehensive range of building services for residential, commercial, and industrial clients, boasting a solid reputation and a robust client base. With significant assets, numerous accredit...
15
|
Jul
|
Business and assets of furniture manufacturer acquired in pre-pack deal | BUSINESS SALE
The business and assets of a Wiltshire-based furniture manuf...
15
|
Jul
|
DJH continues acquisition drive with first takeover in Ireland | BUSINESS SALE
Private equity-backed accountancy and professional services ...
15
|
Jul
|
Hospitality giant acquires £12.3m-turnover hotel group | BUSINESS SALE
Property, construction and hospitality giant The Arora Group...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.