Gilbert-Ash managing director Ray Hutchinson said that the directors and shareholders had decided “the time was right” for the company to transition its ownership structure.
Its most recent accounts show turnover of £267m in 2023 and 200 employees across its offices in Belfast and London.
Ray Hutchinson said: “The recent success of Gilbert-Ash has, in many ways, been built upon the fact that we have been an employee-owned company for more than 50 years.
“Moving to an employee ownership trust embraces that fact further and replaces the existing narrow shareholding with a structure that is designed to benefit all employees in perpetuity.
“We are confident that the transition to an EOT is firmly in the best interests of our people, the future success of our business and retains our roots as an employee-owned company.
“As an employee-owned company we have seen the benefits of improved loyalty, productivity and innovation from our people, and we believe moving to an EOT will enhance these values even more.
“This restructure will give our people a greater say in the future growth and direction of Gilbert-Ash. Following expert external advice from our advisors PwC, who helped with all aspects including the overall design and structure, EOT best practice and principles, tax, legal, and valuation aspects, this new model will equip us to face the future with confidence.”
Established by the UK government in 2014, the employee ownership model has gained significant traction in recent years, with construction firms in the top five sectors for EOTs. These trusts were created to enable employees to acquire, through the sale of shares by existing owners, a controlling interest in a company. It also provides a tax-free exit strategy for business owners.
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