Leading Northern Ireland construction and fit-out firm Gilbert-Ash has announced its transition to an Employee Ownership Trust (EOT).

The move follows a period of sustained growth for the company, which reported a record turnover of £267 million in 2023. With a strong pipeline of high-profile projects, including the major refurbishments of Tate Liverpool and Theatr Clwyd in Wales, Gilbert-Ash said it is well-positioned for the future.

Originally introduced by the UK government in 2014, the EOT model allows company ownership to be transferred to employees through a trust, rather than being sold to external buyers. It has become increasingly popular in recent years, with the construction sector among the top adopters.

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Gilbert-Ash Managing Director Ray Hutchinson said: "The recent success of Gilbert-Ash has, in many ways, been built upon the fact that we have been an employee-owned company for more than 50 years.

"Moving to an Employee Ownership Trust embraces that fact further and replaces the existing narrow shareholding with a structure that is designed to benefit all employees in perpetuity.

"We are confident that the transition to an EOT is firmly in the best interests of our people, the future success of our business and retains our roots as an employee-owned company.

"As an employee-owned company we have seen the benefits of improved loyalty, productivity and innovation from our people, and we believe moving to an EOT will enhance these values even more.

"This restructure will give our people a greater say in the future growth and direction of Gilbert-Ash. Following expert external advice from our advisors PwC, who helped with all aspects including the overall design and structure, EOT best practice and principles, tax, legal, and valuation aspects, this new model will equip us to face the future with confidence."