British Rema become employee owned
Creation of Employee Ownership Trust demonstrates company’s belief in rewarding loyal staff
MANUFACTURING engineering business British Rema has transferred ownership of its group of companies into the newly formed British Rema Employee Ownership Trust, the sole beneficiaries of which are current and future employees of the company.
Established in 1927, British Rema have a long heritage and deep roots in the Sheffield and Chesterfield areas and were originally spun out of the Sheffield steel maker and engineering group Edgar Allen in the early 1980s.
The company has subsequently developed into a successful group of niche businesses supplying products and technical services on a global basis to many growing industrial sectors, including building products.
The business relies heavily on the commitment and specialist skills and know-how of its staff. In 2019, the company’s 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, recognizing the additional benefits in terms of staff engagement, recruitment, and retention. Whilst the implementation of the plan was delayed by the Covid pandemic, the deal has now been completed and the directors are looking forward to a new era for the long-standing business.
John Cameron, a director of the business since 2005, believes 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.
He said: ‘British Rema intend to stay put and grow from their 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.’
British Rema Processing is one of three specialist divisions that make up the group. Its general manager, Mark Sale, agrees that, as a result of having a greater stake in the business, the EOT structure will drive staff engagement and employee satisfaction, which will, in turn, help to drive success.
‘If we are able to harness the potential in all three British Rema businesses, then the experience of the British Rema EOT should be a positive one for staff and customers,’ he said. ‘The employees who make our success possible will be able to share more fully in the benefits and, in turn, play their part in securing the prospects of the business for the future.’