FORTY-five workers employed by a fast-growing construction and fit-out company have started the New Year in new roles as joint owners of the business.
The move to employee ownership by Pacific Building Ltd has been taken by managing director and majority shareholder, Brian Gallacher who wants to lay the foundations of a prosperous future for the firm, whose clients include fast-food giants McDonald’s, restaurant and bar operators Mitchells & Butlers, Tesco, Scotmid and Aberdeen, Edinburgh and Glasgow International Airports.
An employee ownership trust will hold 100 per cent of the shares in Pacific – who are headquartered in Hillington Park on the outskirts of Glasgow – on behalf of the staff.
All the workers will share equally in the company’s success every year via a bonus scheme, as long as it continues to operate profitably, and they will have a say in the day-to-day running of the business.
The move by Pacific – whose turnover last year was £22 million – mirrors one taken almost exactly a year ago by Auchrannie resort on the isle of Arran, which transferred its ownership to its employees.
Mr Gallacher – who will remain in position – said: “I believe this shift to employee ownership will herald the start of a new vibrant chapter in the Pacific Building story, in which we will move on to a more dynamic footing.
“I have been considering my business succession options for the past 18 months, and I have been keen to identify a mechanism that allows me to exit as a shareholder, while ensuring that our loyal staff are rewarded and continue to have job security.
“Furthermore, our customers and suppliers need the assurance that they can continue to rely on us as a trusted business partner.
“Research has shown that a combination of shared ownership and employee participation results in a business that is more engaged, innovative, productive and sustainable.
“We want to build a durable, superior business asset that we can all be proud of – and one that truly fulfils our mission statement, ‘We exist to build great things’.”
Founded on the principles of innovation, dynamism and dependability in 2005, the company set out its core aim of providing five-star service and putting client needs before the construction process.
Since then, Pacific has enjoyed significant year-on-year growth and has accelerated from its modest first-year turnover of about £600,000 to turnover in excess of £13 million, £22 million and £16 million for each of the past three years.
Now, it will join the growing ranks of UK businesses operating under employee ownership – whose number include the John Lewis Partnership, engineering company Mott MacDonald and design firm Arup Group.
Deb Oxley OBE, CEO of the Employee Ownership Association, said: “We congratulate Pacific Building on its transition to employee ownership.
“By widening ownership of the business to its employees, Pacific is securing the future of the business, including its ethos, values and employees, while rooting itself locally for the longer term to the benefit of the communities) which it serves.”
For further information on Pacific Building and employee ownership trust status, see here.
For further information, contact David Boyes: email@example.com
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Contact: David Boyes