Industry news portal Construction Enquirer is reporting that ownership of demolition contractor John F Hunt is to pass to an Employee Ownership trust.
Charman John Hall said the move was a natural step for the £157 million-turnover demolition, construction and regeneration specialist.
He said: “Selling the Group to a third party or breaking it up would never have been straightforward, or an option I would have considered.
“Our employees are the mainstay of the business, and it has taken a long time to create a group of companies that works so well together. Transitioning to employee ownership was the next natural step and I’m delighted that all the directors and staff have bought into the idea and been so supportive.”
The EOT will cover everything apart from John F Hunt Power and Morris Machinery which have seven regional offices and are excluded from the new arrangement.
In March 2023, John F Hunt was one of ten National Federation of Demolition Contractors’ member companies named in a bid-rigging scandal during an investigation by the Competition and Markets Authority.
John F Hunt was also the demolition contractor working at the Teesworks facility in Redcar when two workers were killed in 2019.
