Azets, the Top Ten UK Accountancy firm, has advised RR Engineering Ltd on becoming employee owned.
RR Engineering, based in Scarborough, North Yorkshire, was set up over thirty years ago by Roy Hendry and Russell Beck. They are handing over 100% of the business to their employees. Karen Bulman, Jamie Thompson, Matthew Taylor and Jamie Dixon will take over the day to day running of RR Engineering.
Since its formation in 1990, RR Engineering has established itself as a leading provider of high-quality products to a range of industries throughout the UK. Standing within a 25000 sq. ft. site, on Eastfield Industrial Estate in Scarborough, RR Engineering offers a complete service from large contracts to small bespoke orders, meeting customers exact requirements.
The company provides sheet metal fabrication and design services working with stainless and mild steel, aluminium and specialised materials using state of the art machinery.
Roy Hendry & Russell Beck, Joint Managing Directors are transferring 100% of their shares to the Employee Ownership Trust (EOT) for the benefit of all its employees. Under the move, all employees will benefit financially from the future success of the company.
Roy Hendry & Russell Beck, Joint Managing Directors, RR Engineering said: “It’s such a proud moment to be able to hand over RR Engineering. Selling the company we founded to our employees through the creation of the EOT ensures the stability of the business for the long-term and supports our desire for further continued growth.
This move recognises the value that our fantastic team has delivered over the years, and it is a very exciting opportunity for each individual to take a pivotal role as the businesses progress. We’d like to wish Karen Bulman, Jamie Thompson, Matthew Taylor and Jamie Dixon all the best in their new leadership roles. Creating a great place to work has always been fundamental to our business principles, and we’re very excited about the next stage of the journey.”
RR Engineering was advised by Tariq Javaid, Corporate Finance Partner, Richard Weston, Corporate Finance Manager and Karen Sadler, Senior Tax Manager at Azets. Legal advice was provided by Chris Blantern at Tyr Law and Adrian Ballam at Ward Hadaway.
Tariq Javaid, Corporate Finance Partner at Azets said: “RR Engineering is a business exceptionally well-suited for employee ownership, being an organisation with a strong culture, firmly established values, and an emphasis on the quality of its products and its people. It has been a privilege to work with Russ, Roy and the team in assisting them with this transition and I am confident that the company has a bright future as an employee-owned business”.
‘’Azets advised on 6 EOTs in Yorkshire in 2022 and we’ve already got several more in the pipeline this year. They are an increasingly popular option for the transition of ownership, given the wide range of benefits they can provide to the business, its owners and employees.”
