Buckingham Group Contracting has become employee owned after setting up an employee ownership trust (EOT).
The directors of the business transferred 100% of their equity into the Buckingham Group EOT, which will always retain a minimum 60% equity in the firm, allowing for future issue of growth shares. A £1,000 tax-free bonus will be paid to more than 530 eligible employees, which is in addition to its profit share bonus scheme.
Founders Patricia Wheeler and Paul Wheeler, who is also the chairman, as well as group stadia director and partner Kevin Underwood will retire from the board. CEO Mike Kempley and COO Tim Brown will move into the roles of chairman and deputy chairman, and will stay involved in the business for five years and two years respectively.
The succeeding leadership team will include group managing director Ian McSeveney, deputy group managing director Simon Walkley, group financial director Andrew Kerr and group commercial director Richard Plant. The trust will be represented by BGC Trustee, led by independent chairman Russell Field.
According to Buckingham Group Contracting, it was supported during the transition by accountancy and business advisory business BDO and law firm Birketts.
Kempley commented that the organisation is “perfectly suited” to employee ownership, which will enable the culture and ethos of the business to continue as the board takes control.
He explained that all of the organisation’s stakeholders’ interests are aligned with an EOT, and everyone benefits from the overall long-term success of the business.
“The business is in robust financial health and has record levels of secured workload ahead of it. We still have plenty to learn and develop over the coming years, but with our highly engaged employees who we believe are some of the very best people in the industry, we have no doubt at all that Buckingham will continue to be successful, to the collective benefit of all our people, and our wider stakeholders,” Kempley said.