Engineering business McGee has become an employee-owned organisation through an employee ownership trust (EOT).
The move means McGee’s 350 employees now have a responsibility in controlling shares within the business.
Recognising employees has been a core value of McGee, so transitioning to employee ownership was seen as a natural next step.
Tom McGee, founder and operations manager at McGee, will join the Board of McGee Group (Holdings) as part of this commitment.
Brian McGee, chairman at McGee, said: “For us, it’s a move designed to secure the future of the business, continue the legacy that our father started in 1959 and reward the people who have made the business the success it is today: its employees
Seb Fossey, managing director at McGee, added: “The decision by the McGee brothers to transition ownership of the business to the group’s employees via an EOT underscores the respect for the contribution our people have made to the McGee business.
“In doing this, the McGee brothers have created a clear platform for genuine alignment between all of our new ‘employee-owners’ that will further reinforce our culture of delivering upon our commitments to clients, and stands us in good stead as we drive to achieve our strategic goals. Undoubtedly, at this time of crisis in the industry, our transition to employee ownership will serve as fuel for our business and will help enable us to emerge stronger.”