Target Components has given majority ownership of the business to its 60 employees. Target, which celebrates 25 years in business next year, joins the increasing number of companies setting up an Employee Ownership Trust (EOT).
The Trust represents the interests of the company’s employees and will hold the majority of Target’s shares. An employee representative will be appointed to the EOT board and the business is committed to managing in the best interests of its employees as it continues to serve the needs of their customers.
The Target board will continue to manage the company led by Managing Director, Michael Lawrence. Michael commented “We are delighted to complete the paperwork and conclude the deal. We have exciting plans for Target and the change in ownership is a significant milestone for us. The commitment, innovation and attitude of the team at Target have underpinned our successes and it’s fantastic for them to have an even greater stake in the future development of the business”.
Previous owners Paul Cubbage and Ian Prescott will retain a minority stake within the business and operate as non-executive board members. Speaking of the deal Paul said “Selling the company to the employees through the creation of the EOT ensures the stability of the business for the long-term and supports our desire for further growth. This move recognises the value that the Target team have delivered over the years and the pivotal role each individual will play as the business progresses under its new leadership.”
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