Barnsley-headquartered Warwick Ward has joined an ever increasing list of UK companies to make the transition to being Employee Owned.
Owners Ashley and Matthew Ward, as part of their long-term succession planning strategy, have sold a majority of their shares to a newly formed EOT (employee owned trust) Warwick Ward EOT Ltd.
Warwick Ward was founded in 1970 and has grown into one of the largest stockists and suppliers of new and used earthmoving and waste recycling equipment, and spare parts in Europe.
Ashley Ward, joint Managing Director at Warwick Ward, said: “This is an incredibly exciting new chapter for Warwick Ward (machinery) Ltd as we approach our 54th year of trading.
“Over the past 6 years or so my brother and I have been working on a succession plan for the future of the business and after a lot of research and consideration we feel that the EOT model is a perfect fit for both the business, our brand partners and for ourselves.
“It provides motivation for the staff, stability and continuity and ensures the legacy of Warwick Ward continues in the way we want it to.
“It’s important to say that this will be a gradual transition with Matt and myself still involved in the business.
“Over a substantial period of time, we have worked hard to put in place a fantastic senior leadership team in Simon Causier (commercial director), Matthew Godhard (operations director) and Russell Holmes (finance director) who are pivotal and responsible for the day to day running of the business.
“Matt and I continue to work closely with the senior team during this transition.
“The EOT model is incredibly exciting and motivational for all our driven and dedicated team as they are now all employee owners in the business, have representation on the trust board and will profit individually from the future success of the company.”
Simon Causier, commercial director at Warwick Ward, said: “Having now been part of the management team for the last 15 years, it has been fantastic to have been part of the exciting and successful journey that the company has been on over that period.
“The way the business has evolved and grown over recent times has been phenomenal and I think everyone at Warwick Ward has a huge amount of pride in the company and utmost respect for Matt and Ashley and how they have strategically shaped the business since taking over from their father 23 years ago.
“The transition to being an EOT is a fantastic and exciting opportunity for all the staff and senior management team to now play a pivotal role in the future success and continued growth of Warwick Ward and we are all thrilled at the opportunities that lie ahead.”
