Mayflower Stone, the leading South West supplier of Stone Worktops, successfully transferred 100% of the company to its 26 employees in an Employee Ownership Trust (EOT) on May 23rd 2023.
The decision follows record sales and profit results for 2022, during which, the company supplied more stone worktops to the trade based customers than at any other time.
This succession plan for the future ownership of the company was delivered by shareholders Jamie Dowdall, James Wood and Nathan Stonecliffe.
Dowdall explained: “This plan needed to guarantee the continuity of the business long into the future, to the mutual satisfaction of all stakeholders (employees, suppliers and customers). It also needed to provide the best platform for the company’s continued growth and give a fair return on our investment. We are all absolutely delighted as far as we know to be the first Employee owned fabricator in the UK, as it achieves all of those things”.
Wood added: “We wanted to ensure that it would be a succession plan preserving the good name of the company and enabling it to continue its development along the current path. We have always valued our independence. It is something that’s in our culture, as we believe it promotes the very best creativity, commitment and sense of belonging by the whole team. It enables us to have a real identity in what we do and deliver the very best customer experience. We are glad to say that the EOT enables this to continue.”
Jamie Dowdall will continue as Managing Director, and Ivor Patterson will be one of the Trustees.
Wood commented: “Jamie has been a real driver and leader at Mayflower Stone for the last 16 years. He has grown the company to its current market position -an example for everyone in the business. His work rate, commitment and customer driven ethos are something that will leave an enduring legacy.”
Dowdall restated that the goal of Mayflower Stone is to continue on the current path, and continue to grow, offering new materials into the market place, and expanding its customer base.
An EOT is increasingly being identified as a highly effective way to provide the ultimate reward for loyal, long-term employees.
It enables them to become stakeholders and company owners, often satisfying long held ambitions.
They are, in most cases, a catalyst for further business success and deliver a satisfying and undisruptive way for entrepreneurial business owners to exit their own business.
The Mayflower Stone EOT deal was managed by Kevin Uphill and his team at Avondale Corporate of Reigate.