Lowbury Construction, based in Cadishead, Salford, specialises in civil engineering, utilities and building projects.
Former owner Peter Flynn will continue to lead Lowbury Construction as managing director but the business is now owned by an employee ownership trust (EOT) for the benefit of the company鈥檚 24 staff.
Selling to an EOT enables Flynn to realise the value of the business in a way that avoids capital gains tax liability.
Lowbury Construction was founded by Peter Flynn鈥檚 late father Patrick Flynn in 1975. Its work in civil engineering and utilities sees it working on a range of energy and renewables, public realm, enabling works, flood defence and drainage, substation and utilities projects. It also works on new-build, fit-out and refurbishment projects in the industrial, commercial and education sectors.
Peter Flynn said: 鈥淲e have been working with most of our customers year on year, some of them more than 40 years. We know what they value about our relationship is our commitment to quality, value and safety, and also our people who are committed to delivering successful projects time and again.
鈥淚n exploring our options for the future of the business, our ambition has always been to ensure continuity and, in doing so, protect the interests of our clients and our people. We felt that moving to an employee-ownership model was the best way to achieve this and we are delighted to have realised this ambition.鈥�
He added: 鈥淥ur clients can be assured their projects will continue to be led by our experienced management team and that our ethos of continually investing in knowledge, skills, and the highest levels of safety, remains as important to us as it ever was.鈥�
According to solicitor Simon Nolan of Myerson Solicitors, who advised on the transaction, construction is the fastest-growing sector for employee ownership 鈥� making up 14% of all employee-owned businesses. 鈥淚t鈥檚 a model that clearly resonates with the industry,鈥� he said.
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