National construction organisation and safety specialist Safer Sphere has given its employees part-ownership of the business through an employee benefit trust (EBT).
Following the transition, 49% of Safer Sphere's shares will be held in the EBT, to give employees the opportunity to control shares in the business. The organisation made the move in order to reward the efforts and contributions of its employees.
Safer Sphere communicated the news to employees via email. Becoming employee-owned is regarded as the next step to growing the business following the organisation reporting strong financial results for 2020.
Mike Forsyth, managing director at Safer Sphere, said “Today marks the eighth Anniversary of the inception of Safer Sphere, a milestone I never conceived when I set out on this journey and testament to the brilliant staff, project teams and clients we work with. It is, therefore, very fitting that I also celebrate and welcome every employee of Safer Sphere as a partner within the business.
"Safer Sphere has converted 49% of its ownership to an employee benefit trust, meaning all of our superb team now have a stake in the business. This provision has been put in place to align with our organisation growth plan, reward our team for their substantial efforts and to enable them to share in the future successes that we hope to see in the coming years and beyond. Congratulations to employees and thank you to everyone who supports us."
