27March

RFS BECOMES EMPLOYEE OWNED

Steel decking, concrete flooring and raised access flooring specialist, Raised Floor Solutions, has become an employee owned business.

The shareholders of RFS Group, the parent company of Raised Floor Solutions, have transferred a 51% majority shareholding of the business to an Employee Ownership Trust set up for the benefit of current and future employees.

Raised Floor Solutions is the leading approved supplier and installer of Kingspan Multideck products with a 10% share of the composite UK floor decking market. Last year, the business turned over £16million and supplied and installed 425,000m2 of composite floors on 250 UK based projects.

Graham Hewitt, who co-founded the business in 2003, will remain Managing Director and a shareholder, and will also be on the Board of Directors of the Trust along with Construction Director, Andy Wharton, Anthony Richardson who joins as Finance Director and Malcolm Edge, former UK Vice Chairman of KPMG.

The business has also established an Employee Council, providing staff with the opportunity to engage with the Board of Directors and the Trust on the running of the business and to maintain its performance and growth profile.

There are over 300 employee owned businesses in the UK with over 200,000 employees and data indicates that these businesses outperform their competitors on an annual basis.

Raised Floor Solutions has adopted an Employee owned model to ‘future proof’ the business and the jobs within it. Says Graham Hewitt, “Last year we received several approaches from competitors and private equity firms keen to buy the business. As attractive as those offers were, they highlighted how important it was for us to ensure that, whatever happened in the future, the business ethic would continue, and our staff would be well looked after.”

“As an employee owned business, we have a more robust structure that is not dependent on one individual, but on the whole team and we are now truly all inclusive. We have enjoyed tremendous growth in recent years, and this is due to the loyalty and efforts of our hardworking employees. It seemed the obvious choice that they should share in the future success of the business,” he added.

Raised Floor Solutions enters 2019 with a record forward order book and the Directors are confident of achieving its £20m turnover target despite any uncertainties surrounding Brexit.

Posted by Jackie  Posted on 27 Mar 
  • Employee Ownership Trust, EOT