A North Yorkshire engineering firm has become an employee-owned enterprise, with well-known advisers involved in the transaction.
Roy Hendry and Russell Beck founded RR Engineering in Scarborough, North Yorkshire, more than 30 years ago.
They are giving their staff complete control of the company. Karen Bulman, Jamie Thompson, Matthew Taylor, and Jamie Dixon will oversee RR Engineering on a daily basis.
RR Engineering, based on the Eastfield Industrial Estate in Scarborough, offers a comprehensive service from major contracts to small bespoke orders, matching customers’ particular requirements.
Joint managing directors Roy Hendry and Russell Beck are transferring 100% of their shares to the Employee Ownership Trust. (EOT). All employees will gain financially from the company’s future success as a result of the migration.
Hendry and Beck said: “It’s such a proud moment to be able to hand over RR Engineering. Selling the company we founded to our employees through the creation of the EOT ensures the stability of the business for the long-term and supports our desire for further continued growth.
“This move recognises the value that our fantastic team has delivered over the years, and it is a very exciting opportunity for each individual to take a pivotal role as the businesses progress. We’d like to wish Karen Bulman, Jamie Thompson, Matthew Taylor and Jamie Dixon all the best in their new leadership roles. Creating a great place to work has always been fundamental to our business principles, and we’re very excited about the next stage of the journey.”
Azets corporate finance partner Tariq Javaid, corporate finance manager Richard Weston, and senior tax manager Karen Sadler advised RR Engineering. Chris Blantern of Tyr Law and Adrian Ballam of Ward Hadaway offered legal counsel.
Tariq Javaid added: “RR Engineering is a business exceptionally well-suited for employee ownership, being an organisation with a strong culture, firmly established values, and an emphasis on the quality of its products and its people. It has been a privilege to work with Russ, Roy and the team in assisting them with this transition and I am confident that the company has a bright future as an employee-owned business.
“Azets advised on six EOTs in Yorkshire in 2022 and we’ve already got several more in the pipeline this year. They are an increasingly popular option for the transition of ownership, given the wide range of benefits they can provide to the business, its owners and employees.”
The firm offers sheet metal fabrication and design services utilising cutting-edge technology and stainless and mild steel, aluminum, and speciality materials.
