Founder Trevor Diviney, aged 54, has sold his shares to an employee ownership trust, making the transaction exempt from capital gains tax.
He will continue to be involved in the business as executive chairman with his younger brother John Diviney, 50, as managing director.
The executive team is completed by Michael Greene as deputy managing director and Stephen Bell as finance director.
The employee ownership trust (EOT) will be represented by a corporate trustee, GCHL Trustee Ltd, led by independent chairman Paul Hickey. The trustee board of four also includes one employee director.
Trevor Diviney said: “Over the past 24 years the group has experienced steady controlled growth. The continued advancement, reinvestment and progress over the years has culminated in GCL being rated as one of the top 10 concrete frame contractors in the UK . As the company has expanded and evolved, a greater breadth of services is now at our client's disposal. Apart from all aspects of civil engineering, groundworks and concrete frames, we now offer a complete package that includes principle contractor roles, assisting clients with planning, cost advice, value engineering solutions, liaising with local authorities, permanent works design, temporary works design and rebar detailing. Our group companies also provide off site manufacturing options in pre-cast concrete and has a substantial tower crane business.”
He continued: “The EOT route will enable us to transition the ownership structure without the potential disruption a sale to new owners might involve, thereby maintaining continuity of culture. It is also an opportunity for us to recognise and reward the contribution our staff make to the development and continued success of the group.”
In the year to 30th June 2020 Ground Construction Limited turned over £96m (up from £77m the previous year) and made a £2.5m profit before tax.
Parent company Ground Construction Holdings turned over £99m and reported a £6.2m pre-tax profit.
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