Furrows, with 300 staff throughout its principal websites in Shrewsbury, Oswestry and Telford, has introduced it’s transferring to an worker possession future.
The brand new Furrows Worker Possession Belief (EOT) will personal 75% of the enterprise. The Coward household will stay considerably concerned, retaining the opposite 25%. Chairman Nic Coward will proceed the partnership with MD Dave Farthing to work with the present board of administrators.
Coward stated: “For so long as I can keep in mind we now have all the time talked concerning the Furrows Household and our approach of doing issues.
“Now we have all the time believed within the energy of being firmly rooted in the neighborhood and dealing to create the absolute best service for our prospects. It was essential to my Dad, John Coward, when he was main the enterprise and stays simply as true at this time.
“When thinking about the future, creating an Employee Ownership Trust was the obvious choice to preserve all that makes the business special, in an exciting new way.”
Furrows has been a Ford Supplier since 1918, extra lately including Kia and Skoda.
Advisers on the challenge included Grant Thornton, Whittingham Riddell and DWF.
