TRITON CONSTRUCTION – SOLD
Triton Construction are delighted to announce that the company is now 100 per cent owned by the EOT, which holds the shares on behalf of the employees as the beneficiaries. The existing board of directors will continue their roles.
Mike Parkinson – Tritons Chairman said: “In 2016 we carried out a partial MBO and since then have brought in a superb senior team including our managing director Paul Clarkson. The business is in a strong and healthy position with no borrowing or debt and it would be easy for us to sell to a third party but we didn’t want to do that.
“We place great value on the contribution from our team and concluded that an employee ownership trust was the right model. It offers the mutual benefit of protecting the future of the business under the control of motivated employees with an interest, and all of the goodwill that engenders, as well as generous exemptions to capital gains tax on the value of the company shares. With an EOT, everybody benefits.”
Chris Quinn who was recently promoted to our regional director responsible to lead the North West office, added: “This presents a really exciting opportunity for all of us at Triton with drive and ambition to succeed at work. It means that we can directly contribute to productivity and overall success of the business as a team with total transparency and of course more tangible rewards.”
The advisers on the deal were RSM and accountancy firm Wheawill & Sudworth.
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