Employee ownership confirmed for Hepworth Acoustics

 

Contracts were signed on 30th June 2015 for the first stage in the conversion of Hepworth Acoustics to an employee owned company. The signing ceremony marked the acquisition of 55% of the shares in the company by the Employee Benefit Trust from the existing owners of the company, and followed a unanimous vote by the staff to proceed with the deal.

The employees and original owners of Hepworth Acoustics have been advised by Andy Harrison of Co-ownership Solutions, who attended the signing ceremony. Peter Hepworth and Paul Brown, the original owners of the company, signed for the sale of the shares, and Donald Quinn and David Sproston signed on behalf of the Employee Benefit Trust.

The first stage share sale will be followed by a sale of the remaining 45% shares to the Employee Benefit Trust in approximately 5 years time. All staff are remaining with the company, and Peter and Paul will be remaining as part-time directors.

Peter Hepworth said "I am very glad that the employees have agreed to take on the ownership of the company and that we have completed the first stage of the sale. They are all people whom I know and trust and will continue to provide a high quality of service to all of our clients, building on our 25 years of experience.

Donald Quinn added "Having joined Hepworth Acoustics 10 years ago, I am delighted to have been given the opportunity to lead the company as it enters this exciting new phase, and I am looking forward to working with my colleagues to ensure that Hepworth Acoustics continues to build upon its reputation under employee ownership"