Thu, 31 Oct 2024 | BUSINESS SALE
Wigan-based recruitment firm Challenge-trg Group has moved to employee ownership. The business will now be majority owned by its employees through an Employee Ownership Trust (EOT).
Challenge-trg Group, founded by brothers Tom and Richard Cropper in 2011, has over 400 full-time employees with 25,000 temporary workers on its payroll. It has three brands within its portfolio – Challenge-trg Recruitment, Challenge Logistics and Challenge-trg Skills.
The now half a billion revenue company has grown organically alongside a strategy of mergers and acquisitions of ethically aligned businesses such as the purchase of facilities management specialist Halo Recruit last September.
Tom Cropper, previously chief executive at Challenge-trg Group who has moved to chair of the business, said: "My brother and I began this journey with great ambition, but always focused on being a good employer with people at the heart of everything we do. We take great pride in being able to transfer our stewardship into the hands of our amazing team, which critically ensures continuity for our clients whilst building on our industry leading people vision.”
As part of the move to the EOT the group will develop ‘increased communications channels’ with employees through formal employee forums and board representation.
“It's a really exciting time for our people at every level of the company - we wouldn't be where we are today without them, and we are grateful to every single one of them who put their heart and soul into our business,” Cropper said.
Steve Imber, who has been promoted to CEO of Challenge-trg Group, added: "What an exciting time for our business and all our staff. We specialise in creating jobs for people around the country – which couldn't be more essential in these turbulent economic times. But to be able to move the business into the hands of our employees and encourage them to bring forward ideas and solutions is really what our business is about – equality, diversity and sustainable employment."
The Cropper brothers will continue their oversight of the company on the newly formed board. John Shinnick becomes the independent employee trust chairman supported by the new independent board of trustees including employee representatives and senior management.
The deal was supported by advisers Matt Noon and Elan Iowerth from Hill Dickinson, Matt Hodgson from Claritas, Praetura and Close Brothers.
Find out more about the growing demand for Employee Ownership Trusts
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