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Principle transfers to employee ownership

Principle Cleaning Services is transferring the majority of its shares to its 2,300 employees through the creation of an Employee Ownership Trust.

Founded in 1989 by Douglas Cooke, the company has secured its long term future, enabling it to continue building its legacy, whilst creating an effective platform for growth and retaining its position as one of the industry’s leading independent businesses.

All of Principle’s employees, whether full or part-time, are included in the transaction and will benefit from future profit sharing.

Commenting on the announcement, Douglas Cooke, Executive Chairman, said: “This is a fantastic transaction, which preserves the legacy of the company I founded over 30 years ago and places the future development of Principle in the hands of our 2,300 staff who are our most important asset, many of whom have long service with Principle including some with over 25 years. To have been able to include our people in the ownership of the business gives me immense pride and will, I am certain, ensure its stability and prosperity for many years to come.”

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