London-based contractor latest to switch to employee ownership.
Shares in demolition and enabling works contractor, Clifford Devlin Limited, are now owned by its employees following an announcement that the London-based company has adopted the employee ownership model.
One hundred per cent of the shares previously owned by the second generation of the family-owned business established by Peter Clifford and Alphonsus (“Foncie”) Devlin, have been transferred to an Employee Ownership Trust (EOT).
An EOT is a special form of employee benefit trust introduced by the Government in September 2014 in an attempt to encourage more shareholders to set up a corporate structure similar to the John Lewis model. The aim is to facilitate wider employee-ownership, albeit via an indirect holding company.
Managing Director, Tim Clifford, believes that the move to employee ownership will help secure the long-term future of the business:
“The EOT route will enable us to transition the ownership structure without the potential disruption a sale to new owners might involve, thereby maintaining continuity of culture and business process which is what our father would have wanted,” says Tim, “It is also an opportunity for us to recognise and reward the contribution our staff make to the development and continued success of the company”.
As part of this restructuring exercise the company’s existing Management Board have been appointed as full Board members, creating directorships for Liam Hennessy (Operations), Martin Doble (Building Works), Derek Aslett (Commercial) and Ian O’Connor (HSQE).