10.4 C
Manchester
Thursday, May 22, 2025
BlogDukinfield firm becomes employee-owned

Dukinfield firm becomes employee-owned

A coatings company with 85 staff has become employee-owned.

Based in Dukinfield, Greater Manchester, Northpoint was founded in 1976 and since a management buyout in 2007 had been owned by directors Garry Marshall, Philip Dawson, Simon Quiligotti and Howard Tomes. Now their shares have been transferred to an employee ownership trust.

Northpoint is a £6.25m-turnover business which specialises in protective coatings for steel fabrications, including galvanised steel fencing, industrial pipework for water treatment plants and oil and gas transmission systems, and street furniture.

Garry, Simon and Howard remain as directors under the new structure while Philip has moved to a consultancy role.

Senior manager Tony Holt and senior production manager Philip Butterworth are now deputy managing director and operations director respectively and have joined the board of trustees, which is chaired by Philip Dawson.

Neil Smith, managing director of recruitment and payroll services company Kinetic, which became employee-owned last year, has joined the board as an independent director.

Ben Bradley of HURST Corporate Finance and Liz Gallagher of HURST’s tax team advised the shareholders on the creation of the employee ownership trust.

Paul Johnson and Rachel Clarkson, of Ward Hadaway, provided legal advice.

A seven-figure funding package was arranged by HSBC UK’s Sam Roden and Tim Hodson to support the establishment of the EOT.

Employee ownership trusts were introduced by the government in 2014 and HURST has set up a specialist team to advise on their creation. Last year HURST steered Kinetic through the process.

Ben Bradley, said: “The shareholders of Northpoint were keen to preserve the company’s ethos of active employee participation and an EOT was the ideal way to achieve this goal.

“It’s a model which is being increasingly adopted in the UK and has been shown to boost profits, productivity, job security and employee wellbeing.

“Employee-owned businesses are increasingly at the forefront of innovation and we wish everyone at Northpoint well for the future.”

Philip Dawson, added: “It felt the right thing to do for the shareholders to pass the business on to the workforce and an EOT seemed the appropriate way of achieving this.

“It’s our view that, as our people gain knowledge and understanding of how the business runs, they will flourish.

“Whenever people previously excluded from the strategic decision-making process are included, in our case the general workforce through an employee forum, then everyone in the business benefits.

“It’s a cliché but nonetheless true to say that our people are Northpoint’s most important asset. We treat listening to the workforce as the centrepiece of our commitment to respect, engagement, growth and profitability, which ultimately is the goal of an EOT for the benefit of all employees.

“We also recognise we have some great leaders who have the character to lead Northpoint through the next phase of its journey.”

Sam Roden, business banking area director for Greater Manchester at HSBC UK, said: “I am delighted that we’ve been able to provide the funding required to support Northpoint’s transition to an EOT.

“HSBC UK has a team of experienced relationship managers who are available to visit any SMEs considering a change of control through an MBO or similar transaction.

“We started our partnership with Northpoint in 2017 and, since then, we’ve been impressed by its progressive outlook on growing the business to the benefit of its workforce.

“The team has a wealth of experience which, coupled with their desire for growth, will only lead to exciting opportunities in the future.”

Latest

Gutter cleaning checklist every homeowner in the North West should know

When it comes to home maintenance in the North West, one task consistently gets ignored—gutter cleaning. It’s out of sight, out of mind… until something...

Arklow Wastewater Plant sets new standard for sustainable infrastructure

The Arklow Wastewater Treatment Plant - a €139 million project that ends decades of raw sewage discharge into the River Avoca - has officially...

Why Muslims are choosing the Muslim Pro App to perform Badal Hajj

Muslims in the United States and United Kingdom increasingly turn to digital solutions for organising religious obligations, including Badal Hajj - a pilgrimage performed...

Climate guilt isn’t making Brits drive less…It’s the cost of living

New data reveals financial and ethical factors are still shaping the nation’s transport choices - but with more weight on the financial impact. Private plate...
Subscribe to our newsletter
Business Manchester will use the information you provide on this form to be in touch with you and to provide updates and marketing.
Don't miss

National Fish and Chip Day to Celebrate Its 10th Anniversary on 6th June

Fish and chips: whether it’s cod, haddock or plaice on your plate, and whether you swear by curry sauce, mushy peas, or a splash...

Global tech fulfilment platform delivers profitable, double-digit revenue growth

A global tech enabled fulfilment provider has posted record revenues for FY25.  In the year ending March 31, 2025, fulfilmentcrowd – a global fulfilment platform,...

Understanding the French HR market: A guide for Manchester companies

For Manchester-based businesses looking to expand into the French market, understanding the nuances of human resources management in France is essential. From complex labour laws...

Pop Specs Celebrates Four-Year Anniversary with National Recognition and Global Ambitions

Pop Specs, the trailblazing eyewear brand best known for its dynamic pitch on BBC’s Dragons’ Den, is proudly celebrating four years in business this...

More News

How Manchester’s Tech Startups Are Powering Growth with Headless CMS Architecture

In no time at all, Manchester has emerged as one of the UK's leading technology hubs. The city is home to a vibrant startup...

St George’s Day parade returns to Manchester

The St George's Day Parade, a beloved fixture in Manchester's event calendar for nearly two decades, returns on April 27 with its vibrant celebration...

Manchester prepares to mark VE Day

Celebrations to commemorate the 80th anniversary of VE Day are set to take place throughout Manchester. On May 8, 80 years will have passed since...