AN ONLINE specialist flat roofing materials distributor has been bought out by its 50-strong workforce.
Under the Employee Ownership Trust (EOT) format, Optagon Group is now majority owned by its team of workers.
Optagon operates nationwide and owns familiar brands: Rubber4roofs, Roof Depot, SkyGuard and Kitbuildr. The company started in 2010 and is located in Swallowgate Business Park, Coventry.
Involve the Staff
The business’s founders, Tom and Tina Cullingford said: “It takes a lot of hard work and determination to build a company, and it takes a great team to build a great business. We were approached earlier in the year by a large organisation that wanted to buy the business, which got us thinking. It was an amazing offer but we turned them down because we want our company to be in charge of its own destiny.
“We believe the best way to achieve that is to involve every single member of staff in how Optagon is run. This is a terrific business – 2023 has been our best-ever year – and we wanted all staff to benefit from that success as we continue to grow, together. We’re incredibly excited at the huge opportunity this represents. This is going to be business as usual, only better.”
Bought Out by Employees
Tom Cullingford will remain as managing director, leading a senior team in charge of the company’s daily operation. Two new board members have also been appointed: general manager Antony Murray, and finance director Zoe George.
Antony Murray said: “We were surprised and excited when Tom and Tina first mentioned the idea of transferring ownership of the business to the whole team. It’s a huge compliment to us all here and the business we have built together.
“It will be a steep learning curve but we feel lucky to be part of such a forward-thinking, innovative organisation. All 50 of us now have a meaningful stake in Optagon’s ongoing success.”
Employee-owned corporate finance adviser BCMS supported the shareholders and senior team throughout the transaction.
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