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Integrated fire and security systems business, Evolution, has announced details of a new Employee Ownership Trust (EOT), which will see its staff become majority owners of the business.
It is believed to be the first of the major independent security systems integrators to implement an EOT scheme to secure its long-term growth aspirations.
Evolution has set up the EOT for the future benefit of all employees. In keeping with similar schemes, the Trust is effectively acquiring 77 per cent of the company, which will be paid for by ongoing company profits until such time as the agreed purchase price is met. Every EOT member will then share in the profits for as long as they are part of the business.
Current owners and founders Richard Lambert and John Wust will retain 23 per cent of the company to ensure management continuity, and as a signal of their ongoing commitment to employees and customers alike.
Lambert commented: “Our wish has always been to create an environment where everyone can grow and be a part of the success of Evolution and the EOT does exactly that. John and I are extremely excited about the future, as we all join together as partners in our ever-evolving business.”
Brendan McGarrity, Director of Evolution Risk & Design and the new EOT added: “The new EOT is another example of this, crucially providing each and every employee with a stable, long-term future, as well as providing all staff with the opportunity to become beneficiaries of the business’ future successes.”
Founded in 1996, Evolution has continued to grow and expand as a business, reporting a turnover of £30 million this year and now employs more than 200 people across six offices in the UK, Ireland and Europe. As part of its core business it delivers professional services consultancy and expertise in risk & design for major defence and critical infrastructure projects.
