First construction contractor in Wales to transition via an employee ownership trust
Carreg Construction is the first Welsh contractor to transition to employee ownership through an employee ownership trust (EOT).
The Haverfordwest-based building contractor has moved to employee ownership after 20 years in business.
The company, which currently employs 21 people, was founded by Andrew and Sue Phillips (pictured above in the front row) in 2003.
Andrew Phillips will stay on as a company director and will continue to help grow and steer the business with the help of his fellow directors.
Andrew initially thought employee ownership would not be suitable for the business, having explored it as an option before the pandemic. However, after speaking with others in the industry with experience of EOTs, he decided to look into it again, with support from co-operative development agency Cwmpas.
He said: “We looked to put the business on the open market for sale, but it just didn’t feel right. So, after discussing our plans further with colleagues in the industry – who explained that EOT wasn’t an overnight sale and that it could be done gradually – it became the perfect progression for us.
“We can keep the continuity and skills in the business, and I can eventually pass the business over fully to the EOT directors, once they have settled in. It really is the perfect succession solution for us.”
Along with Andrew and fellow director Amy Morgan, Carreg’s newly appointed head of construction, Richard Leyshon, has been appointed as a director.
Sion Morgan will continue his role as non-executive director (NED) of the company and will be joined by new NED Peter Griffiths, former CEO of Sainsbury’s Banking Group and Principality Building Society.
A new EOT board has been formed and will comprise of director Amy Morgan, site supervisor and carpenter Luke Roberts, and independent trustee Andy Jones, the former CEO of the Port of Milford Haven Port.
The Employee Ownership Wales service is part of the Social Business Wales programme delivered by Cwmpas. It is part of the Business Wales family and funded by Welsh Government and the European Regional Development Fund.