Gilbert-Ash the latest firm in construction to become an EOT

Northern Ireland building and fit out contractor Gilbert-Ash has become the latest firm in the industry to transition to an Employee Ownership Trust (EOT).

The trusts were created in 2014 to enable employees to acquire, through the sale of shares by existing owners, a controlling interest in a company.

Firms that have recently switched to an EOT have included London cost consultant Core Five, demolition and civils specialist John F Hunt, architect HLM and fit out contractor BW.

Gilbert-Ash managing director Ray Hutchinson said: “Moving to an Employee Ownership Trust 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.”

Gilbert-Ash was set up in 1946 and its ongoing projects include refurbishments of Tate Liverpool and Theatr Clwyd at Mold in North Wales.

It has also worked on the National Portrait Gallery in London, which was nominated for the Stirling Prize last year, and the Everyman Theatre, which won the award in 2014.

In its last set of results, posted last September, the firm edged turnover up by 1.5% to a record £267m in 2023 although pre-tax profit slipped from £4.5m to £1.5m. The number of employees during the period stayed flat at 200.