Carreg Construction, based in Haverfordwest, specialises in heritage and bespoke homes, has moved into employee ownership after 20 years in business.
The company, which employs 21 people, was founded by husband and wife Andrew and Sue Phillips in 2003. It has worked on the Cloisters in St David’s Cathedral, Oriel Y Parc Gallery and Lexden House in Tenby.
Founder Andrew Phillips will stay on as a company director.
He said: “We looked to put the business on the open market for sale, but it just didn’t feel right, so after discussing our plans further with colleagues in the industry – who explained that EOT wasn’t an overnight sale and that it could be done gradually – it became the perfect progression for us.
“We can keep the continuity and skills in the business, and I can eventually pass the business over fully to the EOT directors, once they have settled in. It really is the perfect succession solution for us.”
Along with Andrew Phillips and his daughter Amy Morgan, Carreg’s newly appointed head of construction, Richard Leyshon, has also joined the board.
Sion Morgan will continue his role as a non-executive director of the company and will be joined as a non-exec by Peter Griffiths, former chief executive of Sainsbury’s Banking Group and Principality Building Society.
A new EOT board has also been formed, comprising director Amy Morgan, site supervisor and carpenter Luke Roberts and independent trustee Andy Jones, a former chief executive of the Port of Milford Haven Port.
Amy Morgan said of the transition to EOT: “We are really excited about becoming an EOT. The future is bright for Carreg. Having worked closely over the years with local company Melin Tregwynt [a woollen mill], which transitioned to an EOT 12 months ago, it gave us huge confidence that we could also make this significant change to our family business.
“Having worked for Carreg for 10 years, I am really pleased that my parents can now start reducing their time in the business, but also I am delighted that we can continue the company with the same ethos.”
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