Tue, 05 Nov 2024 | BUSINESS SALE
Temporary power solutions Power Electrics has transitioned from a privately owned company to an Employee Ownership Trust (EOT).
The Bristol-based group, founded in 1963 in a small yard, now operates from 5 depots in the UK and provides generator hire through a fleet of over 2,500 generators. This includes diesel powered but also Battery Energy Storage Units, much in demand in the UK’s transition to net zero energy and ultra-low emissions Stage V sets. It also has the UK’s largest generator transport fleet employing over 200 staff.
In its most recent financial results to the year ending March 2023 it revealed an increase in turnover to £49 million from £37.5 million the previous year. Its profit before tax fell to £3.4 million from £3.7 million as it invested in research to help reduce generator emissions.
In the results it also highlighted the importance of employee engagement such as communicating with them through newsletters, notice boards and the intranet.
The company said the move to employee ownership marks a significant milestone in its long-standing commitment to people, customers and suppliers and ‘positions it for continued success and growth while safeguarding its core values, brand reputation and culture’.
Andy Pullin, Power Electrics’ chief executive said, “Our employees have always been the driving force behind Power Electrics’ success. By becoming an employee-owned business, we are creating a more secure future for everyone in the company. This step not only rewards the dedication of our employees but also inspires greater innovation and commitment moving forward.”
According to Power Electrics, its customers will continue to receive the same service, while the shift to employee ownership enhances its ability to meet and exceed customer expectations. It said it guarantees continuity as the same leadership team will oversee operations and will empower employees to play an active role in shaping the business’s future.
The shareholders of Power Electrics were advised on the transition to employee ownership by Osborne Clarke LLP and KPMG Corporate Finance.
Michael Carter of Osborne Clarke LLP, added, “We were delighted to be part of helping Power Electrics move to become owned by the EOT and secure the future for all stakeholders in Power Electrics.”
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