Buckingham Group is the youngest contractor to transfer equity to an employee ownership trust.
As part of the move, Partners’ Chief Operating Officer Tim Brown and Chief Executive Mike Kempley were promoted to Vice Chairman and Chairman respectively.
The founders Paul Wheeler and Patricia Wheeler as well as sports and leisure director Kevin Underwood have also announced their resignation from the board as part of the deal.
Around 530 employees will receive a bonus of £ 1,000 as part of the transition to the new model, while the trust will retain at least 60% of the shares in the company, allowing 40% to be bought by other investors.
The Stowe-based company has been one of the fastest growing large contractors in recent years, with its most recent reports as of Dec.
The company, which is building a new £ 60million grandstand at Liverpool’s Anfield Stadium, said in June that it expects sales of over £ 625million this year, with estimated revenues of £ 665million next year .
It also said its forward order of $ 710 million
The company’s operations department HS2 also secured sales of $ 47 million.
Building contractors Briggs & Forrester and Readie Construction both switched to an employee share ownership model this year.