Home Doors Composite door business becomes employee-owned after restructure

Composite door business becomes employee-owned after restructure

by George Lewis

Composite doors manufacturer FORCE 8 has grown and adapted the company to the current market trends and has now changed the company structure to become an employee-owned business.

Force 8 has always been a family business under the guidance of Managing Director Dennis Sumner.

After receiving many offers to buy the company, Dennis decided that the EOT (employee-owned trust) was the best way forward for Force 8.

“Some of our staff from shop floor to office have been with us for over 20 years”, commented Dennis.

“I wanted to make sure that the future of the company was secure, and most of all that the staff felt secure.

“Buy-outs and take-overs, although very generous did not offer the security I was looking for, I wanted to make sure that the workforce was looked after, as they are the main asset for the company” continues Dennis.

An Employee-Owned company is one where over 51% of the shares are held in a trust for the benefit of all employees.

The trust which oversees the management of the company includes shop floor representatives and one non-working independent person.

The trustee board must meet certain legal requirements and ensure that the company is always acting in the best interest of all the employees.

Alongside this, a Forum is made up from staff and directors with the aim of improving the company and discussing new ideas.

In the case of Force 8 100% of the shares will be within the trust. Each qualifying member of staff (someone who has worked for the company for over 12 months) will also receive a tax-free bonus each year based on the company profits.

As part of the company restructure, Carol Swindles has been promoted to Production Manager and Lisa Mottershead is now on the Board of Directors.

Related Articles

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More