FLOTEC HANDS OWNERSHIP TO ITS STAFF
Loughborough-based Flotec, a supplier of hydraulic, pneumatic and pipeline products to industry and trusted supplier of hose and engineering solutions to the rail market, has handed ownership to its staff.
Flotec Industrial Limited has joined a growing number of forward-thinking businesses in handing ownership to its employees through a scheme called an Employee Ownership Trust (EOT).
The move comes shortly after Flotec celebrated 25 years of operation with the vision being to secure the independence of the company, give the organisation control of its own future and empower the team to take full ownership of business activity.
Employee ownership is rapidly gaining popularity throughout the UK as it allows ongoing independence, upholding of business values, encouragement of productivity and innovation and the ability to recruit and retain talent.
Shareholder, Julian Davies explains the driving force behind shifting towards employee ownership: “The purpose of becoming an employee owned organisation is really to recognise the team for their hard work and commitment.
The success of Flotec Industrial Limited is due to the skills, input and endeavours of its employees where becoming an EOT company, makes a great deal of sense.
I believe that becoming employee owned will empower accountability, inclusivity and encourage innovation and productivity.”
Over the last number of years, Flotec has developed a management team and structure, to take the company forward where Julian will continue in his managing director role, for the foreseeable future.