Preston Electrical Group is delighted to announce its now owned by its employees after the board of directors transferred ownership to an employee ownership trust (EOT).
The Yorkshire company is now 100% owned by the EOT, which holds the shares on behalf of the employees as the beneficiaries. This gives all employees a direct vested interest in the business while the existing board of directors continue their roles with no change.
Founded in 1995, Preston Electrical Ltd provides electrical services and directly employs 50 people out of offices in Thirsk and Huddersfield.
Dave Preston, managing director, said “The business is in a strong and healthy position and so it would have been an easy to sell to a third party. We place great value in the contribution made by all of our employees and going forward with the EOT was therefore our preferred option”.