A senior team at East Midlands-based contractor Baggaley Construction has completed a move that sees ownership of a substantial share in the company transfer to the current directors and employees.
At the beginning of September, the family members stepped away from the management of the company and agreed to a sale which sees them retain a reduced stake and broaden the ownership to the directors and all employees.
The board of directors will comprise Stewart Tilley, chairman; Phil Askin, managing, Mark Illingworth, finance; Mark Greasby, construction and Antony Dearden, non-executive.
Phil Askin commented: “As a step towards the cultural development of the company, the Baggaley family has agreed to broaden the company’s ownership by enabling the directors and employees to purchase shares either directly or via the Share Incentive Plan.
“Without doubt, this is a bold and radical step but it is one that should enable the business to develop.”
Go to www.baggaley.co.uk
“The Board recognises the significant contribution that our employees’ loyalty and dedication bring to the company and was keen to incentivise them and gain their long-term commitment.
“The leadership and composition of operational teams remain unaffected and we are confident that an inclusive approach will benefit delivery performance and enhance a fantastic reputation that has been built over many years.”
Phil added: “The company continues to perform well on projects that have commenced this year and volumes secured through frameworks, negotiated and repeat business is well beyond our expectations.”
For more about the company, visit www.baggaley.co.uk