A Devon firm which provides catering equipment and refrigeration engineering services to commercial kitchens has become employee-owned.
KF Bartlett, now trading as Bartlett, was originally founded in Exeter in 1958,and supplies and repairs ovens, dishwashers, freezers and air conditioning systems. The family-run business employs around 75 staff across its operation across Devon and Cornwall.
The company鈥檚 owners and managers David, Paul and Nicki Bartlett, have agreed to sell the business to an employee ownership trust, meaning workers will now enjoy a share of future profits.
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David Bartlett said a number of the company鈥檚 senior directors were looking to retire, and 鈥渃onsiderable thought鈥 had gone into the succession, to ensure the firm鈥檚 legacy and values were maintained. He added: 鈥淲e were fortunate to have already in place a long serving, highly experienced management team who are steeped in the culture of the company.
鈥淎fter exploring a number of options it became apparent that employee ownership had many benefits. The company has moved towards an inclusive structure which will give employees a real sense of ownership and provide more opportunities to reward everyone for the part they play in our future success.鈥
Managing director John Ponsford said it was 鈥渂usiness as usual鈥 for the business following the agreement, adding that he thought the move to employee-ownership would help it to attract new workers into the company.
Accountancy PKF Francis Clark advised on the deal, adding that since legislation change in 2014, employee ownership trusts were becoming 鈥渁n increasingly popular option鈥 for owner-managed businesses planning a succession. Tax director Martin Brown said: 鈥淏artlett has grown over the years through a mixture of organic growth and acquisitions, and the business is well placed to build on this success as it embarks on this exciting new chapter.鈥
Legal advice to the shareholders was provided by Spencer West and financial advice by Old Mill.
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