Recruitment firm switches to employee-owned business
GPW Recruitment has become an employee-owned business.
The St Helens company is now majority owned by an employee ownership trust (EOT).
Founded more than 45 years ago, GPW provides recruitment services over multiple sectors, including manufacturing, engineering, energy and construction.
With a turnover of approximately £20m and staff of 40, GPW supplies both temporary and permanent recruitment solutions throughout the UK and Europe.
Chairman Graham Worsley, who joined the company in 1989, together with his wife Carole, made the decision to transfer the majority of the shareholding.
Staff will own 74% of the business through the Trust, which enables the company to be employee-owned without individual employees having to personally invest in shares.
This decision was driven by the desire to sustain the company’s independence and values, while recognising the efforts of its employees and their contribution to GPW’s considerable success.
Graham Worsley said: “Transitioning to an employee-owned company is part of our internal commitment for future development, preserving our company values, which will enable our employees to share in the success that we’ve built, and feel invested in our continued growth.
“Traditional mergers and acquisitions always carry with them a disruption and uncertainty about what will happen to the company culture and its employees, post-acquisition.
“The EOT offers a business model that recognises and rewards all staff, whilst providing continuity for clients, suppliers and employees, and, crucially, can be an important tool for attracting and retaining talent.”
Gary Ward, GPW’s operations director, said: “This is a tremendous opportunity for all members of the team to have a real financial interest in the business and to have a say in its future development.
“We are all really excited about the future potential this will have on the further growth of GPW within the recruitment industry.”
GPW made a smooth transition to employee ownership under the guidance of its legal team at Knights’ Manchester office.
GPW was also much appreciative of the backing of its bankers, RBS Invoice Finance, through relationship manager Chris Miller, which was instrumental in enabling GPW to proceed with the transaction.