Employees take ownership at manufacturer

Hanson Garages Ltd/Hanson Buildings Ltd, which manufactures concrete sectional garages, steel buildings and light industrial units, is now employee owned.

The business has been transferred to a newly formed Employee Ownership Trust (EOT). 

Having owned and run the West Yorkshire-based business for the last 28 years, Giles Hanson has sold his shares to the trust.

He said: “I’m extremely proud of where we are today, having a sustainable independent company with long-held values which have been built by a tremendous number of loyal staff. 

“It therefore seems completely fitting to set up this structure whereby the future of the business rests with the loyal staff who have been the key to our success over the years, as well as giving myself an exit strategy from the business. 

“Effectively the business will still be run with the current management team and board in place. This is a long-term deal designed to provide stability and independence but effectively on a day-to-day basis, it will be business as usual with the same management team continuing to drive the business forward. 

“I’d like to take the opportunity to wish the EOT success as they as they embark on the next exciting chapter for the future.”

Ewan Hall, director of Baxendale Employee Ownership provided EOT transaction advice to the company, the shareholders and the trustees of the new EOT. 

Justin Smith and Jill Wright of Kirk Newsholme Chartered Accountants & Business Advisors, provided the tax, accounting and valuation advice.

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