Builder moves to employee-owned model
A Gateshead-based construction firm has transitioned to an employee-owned trust.
Meldrum Construction Services Group says the move will help "secure the future of the company" and provide employees with a greater stake in its success.
The business has a team of more than 220 people across all construction professions and trades, and has reflected a growing trend across the UK by moving towards employee ownership, allowing employees to benefit without directly owning or buying shares.
Chief executive Dave Meldrum will continue in his role, while a new board of trustees has been established.
The current board of directors will retain full control over the company’s strategy and decisions.
Dave said: “By becoming an employee-owned trust, we’re securing the future of the company, our culture and, importantly, the future of an amazing group of people.”
He added the decision to adopt the employee-owned trust model was driven by the desire to remain independent, uphold the company’s values and reward the dedication of its staff.
Meldrum, which recently opened a third office in Cambridge to support its teams in Gateshead and Teesside, has seen consistent growth in recent years, with turnover increasing to £60 million and a strong Dun & Bradstreet score of 91 per cent for cashflow.
Dave said: “Given the results over the past three financial years, the growth forecasted for this current year and the relationships forged with many clients looking to place repeat business with us, we believe we are well placed and equipped to look to the future with great confidence.”
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