South Wales energy firm switches to employee ownership
Tue, 08 Oct 2024 | BUSINESS SALE
Complete Remedial Solutions Limited, a Bridgend-based provider of specialist insulation, heating and energy efficient services, has transitioned to employee ownership.
The firm is now majority owned by its 38 employees through an Employee Ownership Trust (EOT), with a new Board of Trustees created to ensure the organisation is managed in the best interests of staff.
Complete Remedial Solutions was founded in 2018 with specialist teams throughout Wales and South West England, carrying out activities such as loft and cavity wall insulation across the commercial, public and residential sectors as people and businesses look for more energy efficient buildings.
It delivers government-backed energy efficiency schemes, such as the Energy Company Obligation and the Great British Insulation Schemes, which offer grants for insulation, heating, and renewable energy solutions.
The company said that the decision to become employee-owned, in conjunction with advisory firm GS Verde Group, was made to secure the long-term future of the business and reward its staff, of whom many have been with the group for over a decade. Staff will be in line to receive performance-based annual bonuses depending on the group’s financial performance.
"This EOT transaction allows our employees to share in the company's future success while maintaining the values that have made us who we are," said CEO and founder Keith Platt. "Our team has been integral to our growth, and now they have a direct stake in what we build next."
As part of this, Platt is keen for employees to play a more active role in determining the company’s strategy.
The company's future plans include continuing to focus on providing both energy-efficient systems and renewable energy services, while it is looking to expand into new markets and "take advantage of future government schemes and opportunities".
CRS is part of a growing number of companies looking to EOTs. According to a new report from accountants Lubbock Fine, as of the end of 2023, 542 UK businesses had transferred ownership to employees via EOTs, up from 428 the previous year.
Find out more about the growing prominence of employee ownership trusts
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