The ownership of Tensology Ltd has been transferred to an Employee Ownership Trust (EOT). The move provides long-term assurance for existing customers, safeguards the company ethos and enables all employees to share in its future success.
When Tensology Ltd started life, its aim was to utilise the knowledge built up over many decades of work in the steel wire rope industry by providing specialist consultancy and services. Over the past 10 years, this knowledge and skills base has grown exponentially and the company is now recognised as one of the leading wire rope services companies in the UK. The contribution of the employees has been absolutely key to the success so far and will be fundamental in achieving the long-term goals of the business.
In recognition of the dedication and commitment of the employees and in order to preserve the company ethos in future, ownership of the company has been transferred to an Employee Ownership Trust (EOT). Managing Director, Barrie Mordue said “From the very start we have tried to promote an open, “family-type” atmosphere and the success of the company is inextricably linked to the people working here. It therefore seemed entirely appropriate to allow the employees to share in the success of the company and at the same time ensure that Tensology continues to grow profitably and sustainably whilst remaining independent. The EOT model fitted this requirement perfectly and by transferring ownership to Tensology Trustees Limited, the future direction of the business is assured.“
There is no debt funding involved in the transaction and the company leadership will remain unchanged.
EOTs were established in the Finance Act 2014 to encourage companies to become employee owned. This ownership model is seen by the government as a counter to short term capitalism, with the enduring ownership structure and tangible employee benefits, resulting in a long-term strategic view and increased business investment, to the benefit of the country. Data suggests that employee-owned businesses drive corporate performance with higher productivity, profitability and greater levels of innovations.