Mon, 02 Sep 2024 | BUSINESS SALE
A provider of industrial electronic repairs has moved to employee ownership. South Wales-based Kontroltek Limited provides comprehensive industrial electronic and mechanical repair, supply and maintenance services for UK industry.
The company, which was founded in 2011 and is based in Bridgend, works across the UK, specialising in the repair and supply of industrial automation components.
Kontroltek has now become an Employee Ownership Trust (EOT) in a deal that transfers majority ownership of the business to its more than 75 employees. The transaction was facilitated by GS Verde Group.
According to the company, the deal is a “transformative step” that is set to mark the start of a "new era of shared success and sustainable growth" for the business.
Kontroltek Managing Director Andrew Follant said that he had sought to “find a way to share the success of the business” with employees since starting the company and that the move to an EOT was the “perfect way to do that”.
He added: "The EOT will promote long-term and sustainable growth for the group. As beneficiaries of an Employee Ownership Trust, all our eligible employees are now even more personally invested in our success, ensuring exceptional service and satisfaction for all our customers and driving a culture of engagement and collaboration."
Employee ownership has become an increasingly popular business model for many UK companies, with the number of EOTs in the UK increasing rapidly over recent years as owners seek an exit that enables them to pass their business onto a trusted team and ensure that jobs are not put at risk by a sale to a third party.
According to the Employee Ownership Association, there are currently around 1,650 employee-owned businesses in the UK, up from slightly over 1,400 in July 2023.
Find out more about what is driving the growing popularity of EOTs
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The acquirer of this practice will be required to take-over the unexpired part of all on-going agreements relating to future payments for software licenses, equipment, furniture, fixtures, fittings, storage rental, PI insurance, library and any payme...
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