Bradford, Yorkshire-based Davison Fencing has become employee-owned by setting up an employee ownership trust (EOT).
Established more than 30 years ago, the business provides fencing for the construction, housing, education, sports and recreational industries. The EOT structure offers its 30 members of staff a vested interest in its future success, while managing director Chris Davison and the senior team are set to continue in their current roles.
Throughout the transition it was advised on legal matters by Cathy Cook and Michael Crook of Yorkshire-based LCF Law, and received accountancy advice from David Butterworth of accountancy firm Wheawill and Sudworth. In addition, Stephen Frazer of Frazer Hall Corporate Finance and Simon Shorthouse of Sandringham Financial Partners provided commercial advice to board members.
According to Davison, the organisation has a “hugely experienced and dedicated team” with a strong track record working on large-scale projects throughout the north and beyond, and believes that now employees have a stake in the products and services on offer, this will enhance the quality and standard of workmanship that it is known for.
He explained that the advice from the LCF Law team was clear and straightforward throughout, and was instrumental in helping the business to begin to operate as an EOT.
“The EOT concept offers the best chance of maintaining and preserving our team, as well as demonstrating a long-term commitment to clients, which include tier one construction companies through to public sector organisations. At a time when recruitment and staff retention is an issue throughout the construction industry, the quality of our people gives us a clear advantage, which translates into the level of service our clients enjoy,” he said.
Cook, who is a partner within LCF Law's corporate department, added that the business had numerous options in front of it, but ultimately the EOT offers the best way for its deserving team to maintain continuity and ownership in the future.
