Triton Construction transfers business ownership to its employees
Triton Construction has announced that the business is now owned by its employees after the board of directors transferred ownership to an Employee Ownership Trust (EOT)
The Yorkshire established company is now 100% owned by the EOT, which holds the shares on behalf of the employees as the beneficiaries. This means that all employees have a vested interest in the future success of the business while the existing board of directors continue their roles with no change.
During the process, Steve Bolton has retired and two of the original non-executive directors have exited with their share purchase being deferred over a number of years, therefore placing no debt or strain on the business.
Founded in 2005 by industry heavyweight Mike Parkinson, Triton Construction provides general contracting and construction services and directly employs over 55 people across its offices in Yorkshire and the North West.
Chris Quinn who was recently promoted to Regional Director responsible to lead the North West office, said, “This presents a really exciting opportunity for all of us at Triton with drive and ambition to succeed at work. It means that we can directly contribute to productivity and overall success of the business as a team with total transparency and of course more tangible rewards.”