Dundee, UK-based cable manufacturing business ICS2 Cables has announced that it has become employee owned through an employee ownership trust (EOT).
The organisation, which was established in 2002, specialises in subsea, 5G telecoms, access control, automotive and industrial sector solutions.
According to co-owners Paul Munro, Ian Johnston and Jeff Smith, they decided to transfer to an EOT for their 18 members of staff following the company’s second best year in terms of growth. They received advice from Thorntons solicitors, EQ Accountants and Ownership Associates, with the transition taking six months.
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Managing director Munro is planning to step down from his position at some point in the future along with Johnston, while Smith will focus on his other business. Munro commented that the organisation had received interest from a similar company in England that wanted to move operations further south, but he was not prepared to do that for the sake of the team and the local area.
“Over the years we have honed our craft and skill to form relationships with our customers, and this is down to our highly trained and trusted team of employees. The idea was put to us by our accountants EQ Accountancy and working with Carole Leslie of Ownership Associates alongside Thorntons’ legal team, we were able to formulate the best option for all involved with ICS2 Cables,” he said.
ICS2 trustee Laura Munro, who is now responsible for the business’ quality systems as part of the management team, explained that adopting employee ownership will protect the interests and commitment of the team, while also achieving new levels of performance in its chosen growth sectors across the business.
“In order to best support the growth of the company, we look to recognise key areas for development and investment which can consolidate on the previous strengths and successes of ICS2,” she said.