Autoclenz Holdings has completed its transition to becoming an Employee Ownership Trust (EOT)
The Swadlincote-based company provides vehicle valeting and preparation services for the automotive industry.
An employee ownership trust (EOT) can allow business owners to sell a controlling stake in their company to realise their value whilst passing the company into long term employee ownership.
The EOT is operated by trustees, and the beneficiaries are the employees of the company at any given time. EOTs are becoming more common in the motor sector. They had been expected to be phased out by the government but this has been postponed until 2030.
As part of the transfer the company has also announced that, following a decade as managing director, Martin Ward will become CEO.
The group has made five promotions with Martin Peters appointed as managing director, Steve Jones as regional retail director (Midlands and South), Justin Jones as director of rental and logistics UK, Jon Harding as operations director and Kevin Armstrong as regional retail director (North)
MD Martin Peters said: “The move to employee ownership provides a strong platform for future growth, aligning our people with the long-term success of the business.
“It creates the right environment to build on our existing strengths, expand our capabilities and continue delivering high-quality service to our customers.
“We also have a highly experienced and capable leadership team in place, whose collective expertise and commitment will be key to driving the business forward in this next phase.
“Our management and leadership teams will drive the business forward as Autoclenz enters an exciting new chapter, underpinned by employee ownership, strengthened leadership and a clear focus on sustainable growth.
“I’d also like to extend my thanks to all employees for their ongoing dedication and contribution. We have lots of further developments planned – watch this space.”
