Force 8 MD Dennis Sumner has announced that the family-run business is to be handed over to its workforce in the form of an Employee-Owned Trust with 100% of the shares held by them.

The head of the 30-year-old Stockport fabricator and profile bender said he had resisted many attractive offers to buy the business but chose the EOT route for the security of the company and its workforce.

In the new structure, the management of the company will be overseen by a board of trustees, including shop floor representatives, supported by a forum made up of staff and directors. As part of the restructuring, the company’s Carol Swindles is promoted to production manager and Lisa Mottershead joins the board of directors.

The MD explained his thinking behind the move: “Some of our staff from shopfloor to office have been with us for over 20 years. I wanted to make sure that the future of the company was secure, and most of all that the staff felt secure. Buy-outs and takeovers, although very generous did not offer the security I was looking for; I wanted to make sure that the workforce was looked after, as they are the main asset for the company.”

He added that companies with employee ownership often see greater productivity, reduced absenteeism, increased revenue, and higher profitability. These successes also tend to continue over time, as the motivation of employees continues to build.
“As far as we are aware, we are the first within our industry to take this step”, comments Lisa Mottershead believes the company is the first in the industry to take this step. She added: “This has energised and inspired the work force and created a lot of new opportunities, as well as increased productivity and customer care. Who would not want to deal with a company where every employee is totally committed to providing the best quality products and services? Dennis will be staying with the company during the transition and into the future to help guide the company to future success.”

JMW Solicitors LLP and Clarke Nicklin accountants advised Force 8 on the deal. They are both specialists in company transitions to employee ownership and were on hand throughout the process to help and advise.

Sara Bluston, Senior Associate at JMW Solicitors, said: “Force 8 is a successful, ambitious business and we are pleased to have been able to guide the team as it enters its next chapter as an employee-owned company.

“In an industry where staff and skill shortages are starting to bite, Force 8 have found a unique and long-lasting solution to the problem and are once again well ahead of the curve.”

www.force8.uk 

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