Wed, 27 Nov 2024 | BUSINESS SALE
Derbyshire-based materials handling equipment company Rollstore has moved to employee ownership. That means it will now be owned by its around 60 staff under an Employee Ownership Trust (EOT).
Based in Heanor, Rollstore was founded in 1996 by Alan Reid, Tony Reid and Russ Brown to carry out the refurbishment of roll cages, which are used across a range of industries to transport goods.
The business expanded to cover manufacturing and logistics using innovative technology to deliver bespoke materials handling products across Europe and the world.
These products include castors, garment rails, trolleys and baskets and roll containers. Sectors covered include automotive, retail, healthcare, food distribution and laundry.
Owners Tony Reid and Russ Brown said they had decided to make the move to an EOT because it would 'enable the legacy and integrity of the business to continue' when they stepped away from steering the helm.
They believed that an EOT would be the best solution to safeguard jobs and ensure that the business would continue to operate from its current site.
A team at law firm Geldards advised Rollstore on the transition. Partner Paul Feenan led the deal supported by tax partner Andrew Evans.
Feenan said: “It’s been a pleasure to work closely with Tony and Russ and we are delighted that Rollstore has transitioned to become employee-owned, giving the employees a stake in the future of the business. It was certainly the right decision for their business and we wish them well for the future.”
Reid said: “We really value our employees at Rollstore, many of whom have been working for the business for a number of years. It was important that we found the right way forward for the future of the business which would offer continuity and assurances for our workforce."
The company itself is on a roll with annual profits for the period to June 30, 2023 coming in at £2.4 million, up from £1.7 million the previous year. It said cost reductions and enhanced customer service helping it pick up new contracts had been key.
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