A trio of main shareholders in Nottingham-based contractor Clegg Group have sold a majority 51% stake in the business to an employee ownership trust.
The previous major shareholders, Keith Anderson, Simon Blackburn and Stephen Giltrap will retain a minority shareholding and continue their operational roles within the business, which includes the two trading subsidiaries Clegg Construction and Clegg Food Projects.
The directors were involved in a management buyout of the business back in 2007.
Group commercial director Keith Anderson said: “The group has weathered the last 18 months well and is in a good position to capitalise on the levels of trading currently being experienced.
“The group will post a strong set of results to December 2021 based on an expected turnover of £115m.
“Carry forward workload into 2022 is also looking particularly positive, and expectations are that revenue will increase to around £130m.
“The employee ownership route will allow us to provide opportunities for succession from within the internal management team over the coming years – an ethos that has been encouraged within the group over the last half century.”
The trust will be represented by a corporate body, led by an independent trustee and representatives from the employees and the board.
Did you miss our previous article…