One the Ƶ’s leading independent commercial vehicle dealers, David Spear Commercials, has become employee majority-owned.
The Tredegar-based business, which generated revenues of £26m in its last financial year, has been 60% acquired via an employee ownership trust. The business has 26 staff.
Founded by David Spear in 1987, the business has grown to become a leading player in the commercial vehicle sector, supplying a wide range of vehicles to businesses across the Ƶ.
Mr Spear said: “This company has been my life’s work, built with the support of my wife Sarah, our children, and now with our son Elliot actively involved in the business.
“We’ve created something very special over the years, and I wanted to secure its future in the right way, by placing it in the hands of the people who have helped make it what it is today. This move to employee ownership protects our independence, preserves our culture, and creates long-term opportunities for our team.”
Mr Spear said the new ownership structure ensures the business will remain locally rooted.
He added: “The trust and loyalty of our customers have played a huge part in our journey and we’re excited to move forward with a team that’s more invested than ever.”
The value of the deal between the family-owned business and the employee ownership trust has not been disclosed. Acquisition deals involving employee owned trusts are capital gains tax exempted.
