Birketts has assisted construction giant, Readie Construction Ltd (Readie), with a transition to 100% employee ownership for an undisclosed sum. The business remodel will see Readie become one of an increasing number of organisations in the UK favouring an innovative approach to employee wellbeing and succession planning.
Established in 2008, Essex-based and privately owned Readie specialises in high value commercial, industrial and retail projects. Offering clients a nationwide service, the company has become a leading name in the construction sector, generating an average turnover of £200m per annum.
Birketts team was led by Lisa Hayward (Legal Director, Head of Employee Incentives), Adam Jones, and Heidi Jones (Corporate) with support from Xiaolei Liu, Jessica Kilkelly and Kirsty Scripps
(Employee Incentives), Ozan Zorba and Emily Broadrick (Corporate).
Birketts worked closely on this matter with FRP’s Jon Dodge (Corporate Finance Partner), Matt Field, (Senior Tax Manager) and Ryan Symonds (Senior Manager) who acted for Readie in relation to valuation and as financial and tax advisers.
Executive Chairman and majority shareholder at Readie, Stuart Read, commented: “Readie has made its name forming lasting relationships and so it is important to us that we reward the employees who have been so integral to our success. We are confident that our dynamic and experienced team will benefit from this restructure. Our special thanks go to the Birketts team for their proactive approach, efficiency and stellar client service.”
Lisa Hayward, Head of Employee Incentives, concluded: “For companies like Readie who want to safeguard the legacy created by its workforce, employee ownership offers a unique chance to reward those who helped build the organisation from the ground up. We have no doubts that moving to an employee ownership trust will boost job satisfaction and employee wellbeing amongst the Readie workforce – no small feat in the wake of an uncertain year for business.”
The content of this article is for general information only. It is not, and should not be taken as, legal advice. If you require any further information in relation to this article please contact the author in the first instance. Law covered as at March 2021.