Intelligent Finishing Systems (IFS) transferred 100% of the company’s ownership to its 30 employees on 1 October via an Employee Ownership Trust (EOT), in a move that also sees managing director Bryan Godwyn retiring after 30 years in the business.
Mr Godwyn’s role will be taken on by business partner and former co-owner Eric Keane, while the third joint owner, Jason Seaber, remains technical sales director. They will be supported by a senior management team of long-serving employees. Mr Godwyn will remain involved with the business for a short transitional period.
Mr Keane explained, ‘This plan needed to guarantee the continuity of the business long into the future, to the mutual satisfaction of all stakeholders (employees, suppliers and customers). It also needed to provide the best platform for the company’s continued growth and give a fair return on our investment. We are all absolutely delighted with the result as it achieves all of those things.’
Mr Godwyn added, ‘We wanted to ensure that it would be a succession plan preserving the good name of the company and enabling it to continue its development along the current path. We have always valued our independence. It is something that’s in our culture, as we believe it promotes the very best creativity, commitment and sense of belonging by the whole team. It enables us to have a real identity in what we do and deliver the very best customer experience. We are glad to say that the EOT enables this to continue.’
The decision followed record sales and profits in 2018 and enables long-serving employees to become stakeholders and company owners. The EOT deal was managed by Kevin Uphill at Avondale Corporate of Reigate.
