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Preston-based construction firm Conlon has been bought to become an employee-ownership trust (EOT) in a major milestone for the business.
Conlon Holdings Limited, including Conlon Construction, has moved from family ownership to an EOT after months of planning by the board of directors and the Conlon family.
The construction company was established in 1961, when five Conlon brothers were working on the ‘Preston Bypass’ project, which was actually the first stages of the M6 motorway.
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Following the staff takeover, it will be business as usual. Clients and the supply chain will continue to liaise with the same members of staff, including all directors and team members, comprising 72 directly employed staff members.
The directors thanked Kevin Steven at Pierce Corporate Finance, Blackburn, and Stephen Hadlow at Brabners Law, Manchester, who provided help and advice during the transition process.
Chairman, Michael Conlon, said: “What we are doing is completely aligned with our company ethos. From the outset, our founders, those five young Conlon brothers, put people at the heart of the company.
“By implementing this transition now, the family believes it is the best outcome for the business and, most importantly, for all of our colleagues.
“The current board of directors will remain and will still have responsibility for running the business. The directors will now be accountable to a trustee board, which will include two elected employee trustees.
“We would like to sincerely thank all our colleagues, clients, and supply chain members for their contribution towards making Conlon the success story it has become. We look forward to their continued efforts, trust and support.”
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