A Caerphilly engineering firm is taking exciting steps to secure its future for the long-term by becoming employee owned.
MII Engineering announced this week that the business has completed on an Employee Ownership Trust (EOT), making it one of the largest businesses in South Wales to do so.
Based in Bedwas, MII Engineering is a UK-wide, multi-disciplined engineering service provider delivering tailored solutions across mechanical, electrical and instrumentation, structural, pipework, fabrication, manufacturing and scaffolding.
Serving over 118 clients in industries including oil and gas, pharmaceuticals, steel, food, water and manufacturing, MII’s customer-focused approach ensures practical, efficient delivery of complex engineering projects
The firm employees over 350 local, skilled workers across a range of trades who have directly contributed to the success of the business to date. These employees will now have an opportunity to have their say in its direction, helping to safeguard its future and ensure long-term stability moving forward.
Matt Moody, Director at MII Engineering, is excited for what the EOT will mean for the future of the business. He said: “Becoming employee owned is a huge step for any company, but one that we’re seeing more and more businesses in Wales start to take.
“We’re delighted to have completed on our EOT. Not only will this give our employees, who have been so crucial to our success since our beginning in 2009, more say over how the business is run but it should also provide greater job security as we’re able to really focus on our long-term success. We would like to thank Geldards, who advised the Trust during the transaction.”
The creation of an EOT sees the ownership of a business transfer to its employees, with the trust acting as the majority shareholder. The overall aim is to ensure that all qualifying employees play a part in, and get to share in, the future success of the business.
In an EOT-run business, the trust holds the shares on behalf of the employees, and they become beneficiaries of the trust. Well-known UK businesses being successfully run by EOTs include John Lewis, Arup Group Ltd and Mott Macdonald Group.
Matt continued: “Ultimately, for us transitioning to an EOT model is about making sure MII Engineering is the best it can be – for our employees, and for our clients. We’re proud to be a leading employer providing high quality job opportunities in the area, and becoming employee owned will enable us to do even better.
“We’re confident this change will not only improve our operations and therefore our client experience, but also the culture and overall job satisfaction for the talented people who work for us. For us, it’s business as usual – but better.”
