Staff take control of Loughborough manufacturer

Loughborough-based Flotec, a supplier of hydraulic, pneumatic and pipeline products to industry and trusted supplier of hose and engineering solutions to the rail market, has handed ownership of the business to its staff.

Flotec has changed hands through the Employee Ownership Trust (EOT) scheme.

Shareholder and managing director Julian Davies said: “The purpose of becoming an employee owned organisation is really to recognise the team for their hard work and commitment.

“The success of Flotec Industrial Limited is due to the skills, input and endeavours of its employees where becoming an EOT company, makes a great deal of sense.

“I believe that becoming employee owned will empower accountability, inclusivity and encourage innovation and productivity.”

Davies will continue in his managing director role for “the foreseeable future”, said the firm.