Mon, 21 Oct 2024 | BUSINESS SALE
Essex-based John F Hunt Group has transitioned to employee ownership after over 40 years in business. The firm will now be owned by its 500 employees through an Employee Ownership Trust (EOT).
The company offers services such as demolition, civil engineering, geotechnical and structural engineering design, regeneration, plant hire and nuclear decommissioning.
Founded by John Hall in 1982, the John F Hunt Group continues the legacy of his great-grandfather, whose ironworks business thrived in London’s East End during the 1930s.
Hall said selling the group to a third party or ‘breaking it up’ was never an option when deciding the future of the business. “Our employees are the heart of the business, and creating an employee-owned future felt like the natural progression. I’m delighted by the overwhelming support from our directors and staff,” he said.
Hall also highlighted how EOTs are becoming a trusted model for preserving company success and growth. He said: “For us, the key is to keep the business strong and sustainable without being greedy. Nothing will change in the day-to-day running of the group, and I’m pleased to remain as active chairman.”
The group’s latest results to the year ending March 31, 2023 showed a 44 per cent increase in turnover to £157 million, pre-tax profits of £9.46 million and a net asset value of £38.6 million. Despite being hit by inflationary increases in the prices of concrete and steel, which it could not pass on to clients, it highlighted the strength of its demolition skills and innovative engineering solutions. In addition it pointed to its concrete cutting services which is a more environmentally friendly alternative to demolition.
Hall added that John F Hunt Power and Morris Machinery, although not part of the arrangement, will continue to provide the group with support through nationwide offices and logistical services.
Find out more about the boom in interest in Employee Ownership Trusts
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