Coventry’s Rubber4Roofs Announces Move to Employee Ownership
Rubber4Roofs is a fast-growing, award-winning UK market leader in online roofing supplies now majority-owned by staff. An acquisition approach from another company prompted the decision.
Coventry, United Kingdom, February 14, 2024 --(PR.com)-- Optagon Group, which owns Rubber4Roofs, a specialist in flat roofing materials, has shared that its 50-strong workforce now owns the majority of the company through the Employee Ownership Trust (EOT) model.
Established in 2010 in Coventry, Optagon manages successful brands like Rubber4Roofs, Roof Depot, SkyGuard, and Kitbuildr and 2023 has been one of the most successful in the company’s history.
Optagon aims to find better ways of selling and distributing construction materials online. It has a nationwide presence, offering shipping across the UK and a drop-ship service for online retailers. The company prioritises a digital-first approach, providing installation videos, software, and certified training.
The move to employee ownership was motivated by an offer from a larger organisation to buy the business. However, the founders, Tom and Tina Cullingford, turned it down to let the staff be in charge of the company's destiny. Tom Cullingford will remain as Managing Director, joined by a senior leadership team and two legal Directors, Antony Murray and Zoe George.
Founders of Optagon Tom and Tina Cullingford explained why they decided to sell Optagon to the staff: “It takes a lot of hard work and determination to build a company, and it takes a great team to build a great business. We were approached earlier in the year by a large organisation that wanted to buy the business, which got us thinking. It was an amazing offer, but we turned it down because we wanted this company to control its destiny.
“We believe the best way to achieve that is to involve every single member of staff in how it is run. This is a terrific business – 2023 has been our best-ever year– and we wanted all staff to benefit from that success as we continue to grow. We’re incredibly excited at the huge opportunity this represents. This is going to be business as usual, only better.”
Antony Murray, part of the leadership team, expressed excitement about the employee ownership, considering it a compliment and an opportunity for collective success.
“We were pleasantly surprised when Tom and Tina initially proposed the notion of transferring ownership of the business to the entire team. This gesture is a tremendous compliment to each one of us and reflects the collective effort we've invested in building the business. Although we anticipate a challenging learning curve, we consider ourselves fortunate to be part of such a forward-thinking and innovative organisation. Now, with all 50 of us holding a meaningful stake, we are excited about contributing to Optagon's ongoing success.
Optagon's shift to employee ownership is under the Employee Ownership Trust (EOT) model, a government initiative. Employee ownership is a growing trend, with EOA statistics indicating a 37% increase in UK employee-owned businesses in 2023. Optagon received guidance on the move from BCMS, Cooper Cavendish, and Jupp Consulting to ensure compliance with HMRC regulations.
Established in 2010 in Coventry, Optagon manages successful brands like Rubber4Roofs, Roof Depot, SkyGuard, and Kitbuildr and 2023 has been one of the most successful in the company’s history.
Optagon aims to find better ways of selling and distributing construction materials online. It has a nationwide presence, offering shipping across the UK and a drop-ship service for online retailers. The company prioritises a digital-first approach, providing installation videos, software, and certified training.
The move to employee ownership was motivated by an offer from a larger organisation to buy the business. However, the founders, Tom and Tina Cullingford, turned it down to let the staff be in charge of the company's destiny. Tom Cullingford will remain as Managing Director, joined by a senior leadership team and two legal Directors, Antony Murray and Zoe George.
Founders of Optagon Tom and Tina Cullingford explained why they decided to sell Optagon to the staff: “It takes a lot of hard work and determination to build a company, and it takes a great team to build a great business. We were approached earlier in the year by a large organisation that wanted to buy the business, which got us thinking. It was an amazing offer, but we turned it down because we wanted this company to control its destiny.
“We believe the best way to achieve that is to involve every single member of staff in how it is run. This is a terrific business – 2023 has been our best-ever year– and we wanted all staff to benefit from that success as we continue to grow. We’re incredibly excited at the huge opportunity this represents. This is going to be business as usual, only better.”
Antony Murray, part of the leadership team, expressed excitement about the employee ownership, considering it a compliment and an opportunity for collective success.
“We were pleasantly surprised when Tom and Tina initially proposed the notion of transferring ownership of the business to the entire team. This gesture is a tremendous compliment to each one of us and reflects the collective effort we've invested in building the business. Although we anticipate a challenging learning curve, we consider ourselves fortunate to be part of such a forward-thinking and innovative organisation. Now, with all 50 of us holding a meaningful stake, we are excited about contributing to Optagon's ongoing success.
Optagon's shift to employee ownership is under the Employee Ownership Trust (EOT) model, a government initiative. Employee ownership is a growing trend, with EOA statistics indicating a 37% increase in UK employee-owned businesses in 2023. Optagon received guidance on the move from BCMS, Cooper Cavendish, and Jupp Consulting to ensure compliance with HMRC regulations.
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Rubber4Roofs
Simon Jones
07730018566
https://www.rubber4roofs.co.uk/
Simon Jones
07730018566
https://www.rubber4roofs.co.uk/
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