Lowbury Development, based totally in Cadishead, Salford, specialises in civil engineering, utilities and development initiatives.
Former proprietor Peter Flynn will proceed to steer Lowbury Development as managing director however the industry is now owned by way of an worker possession agree with (EOT) for the good thing about the corporate’s 24 team of workers.
Promoting to an EOT allows Flynn to grasp the worth of the industry in some way that avoids capital features tax legal responsibility.
Lowbury Development was once based by way of Peter Flynn’s past due father Patrick Flynn in 1975. Its paintings in civil engineering and utilities sees it operating on a spread of power and renewables, public realm, enabling works, flood defence and drainage, substation and utilities initiatives. It additionally works on new-build, fit-out and refurbishment initiatives within the business, industrial and training sectors.
Peter Flynn stated: “We’ve got been operating with maximum of our shoppers 12 months on 12 months, a few of them greater than 40 years. We all know what they price about our courting is our dedication to high quality, price and protection, and in addition our people who find themselves dedicated to handing over a success initiatives over and over.
“In exploring our choices for the way forward for the industry, our ambition has at all times been to make sure continuity and, in doing so, offer protection to the pursuits of our purchasers and our folks. We felt that shifting to an employee-ownership fashion was once one of the simplest ways to reach this and we’re extremely joyful to have realised this ambition.”
He added: “Our purchasers will also be confident their initiatives will proceed to be led by way of our skilled control workforce and that our ethos of constantly making an investment in wisdom, talents, and the best possible ranges of protection, stays as vital to us because it ever was once.”
In step with solicitor Simon Nolan of Myerson Solicitors, who instructed at the transaction, development is the fastest-growing sector for worker possession – making up 14% of all employee-owned companies. “It’s a fashion that obviously resonates with the business,” he stated.
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