A Hull company is now owned by its employees following a bold move by its bosses to secure its future.
Advanced Plastics Group, based in Sutton Fields, has become an Employee Ownership Trust, 33 years after it was originally founded by Rob Anderson and Chris Pearson. The bosses say the move recognises the “invaluable contributions” of its 310 employees to its continued success, and also secures the company’s long-term independence.
The firm - which also has bases in Manchester and Fareham – manufactures a range of technical injection moulded products for blue chip clients across a range of market sectors. Founders Mr Anderson and Mr Pearson said becoming an employee-owned business ensures its legacy, protects its values, and ensures its commitment to clients and industry partners.
Mr Anderson, joint CEO of Advanced Plastics Group, said: “This is a proud moment in our company’s history. Becoming 100% owned by an EOT allows us to preserve our independence while ensuring our dedicated colleagues have a direct stake in the future success of the business.
“Our customers will continue to receive the same high standard of service, with the added assurance that our team is fully invested in delivering excellence. We have a strong leadership team at Advanced Plastics Group, fully capable of driving the company’s growth strategy and guiding our colleagues through this transition.
“This is an incredibly exciting time for us as directors and for our colleagues, as we embark on a transformative journey that will secure our future.”
Chris Pearson, joint CEO, added: “Rob and I have huge pride in Advanced Plastics and could not think of a more appropriate way to secure our future ownership succession than with the EOT. Our customers, partners, suppliers and colleagues can now be assured of the future of the business, under the leadership of our current team of executive directors.”
Employee ownership has been shown to drive engagement, productivity, and innovation as it gives all staff a stake in the firm’s future. Trusts are known to build more resilient and customer-focused firms too.
The transition will empower Advanced Plastics Group’s employees, enabling them to contribute their ideas into decision-making processes and they will also benefit from the company’s long-term growth.
Employee Ownership Association chief executive, James de le Vingne, said: “Congratulations to Advanced Plastics Group on making the move to employee ownership and joining a rapidly expanding sector that’s statistically shown to have positive social, community, and environmental impacts.
“As a manufacturer, which as an industry makes up 11% of the Ƶ’s employee owned sector, Advanced Plastics Group’s EO succession will see it anchor the business, jobs and investment in its region for the longer term, playing a vital role in a more sustainable future economy.”
The Advanced Plastics Group said the company will continue to operate with the same leadership team, ensuring a seamless transition with no disruption to its colleagues, customers and partners.
