In a move that demonstrates genuine belief in rewarding loyal staff, manufacturing and engineering business British Rema has transferred ownership of its group of companies into the newly-formed British Rema Employee Ownership Trust. Sole beneficiaries of this trust are current and future employees of the company.
The business relies heavily on the commitment and specialist skills and knowhow of its staff. In 2019 financial advisors Grant Thornton introduced the idea of forming an Employee Ownership Trust (EOT) as the best way to build on the company’s success and enable a succession plan for the owners, whilst maintaining continuity in the management team. The directors agreed, recognising the additional benefits in terms of staff engagement, recruitment and retention. While the implementation of the plan was delayed by the COVID pandemic, the directors are now extremely pleased to have completed the deal and are looking forward to a new era for this long-standing business.
John Cameron has been a director of the business since 2005 and believes that the change from a privately-owned company to an EOT demonstrates the company’s commitment to the region and the associated long-term employment opportunities: “British Rema intends to stay put and grow from its current base. The new ownership structure makes it an attractive option for new staff and highly motivational for existing staff. We have also announced the introduction of a profit-related bonus scheme which will see staff immediately share in the company’s financial success.”
