Mayflower Stone Limited, the leading South West supplier of Stone Worktops, successfully transferred 100% of the company to its 26 employees in an Employee Ownership Trust (EOT) on May 23rd 2023.
The succession plan for the future ownership of the company was delivered by shareholders Jamie Dowdall, James Wood and Nathan Stonecliffe. The management wanted to ensure that there would be a succession plan that preserved the good name of the company and enabled it to continue its development along the current path.
According to Jamie, “The goal of Mayflower Stone is to continue on the current path and continue to grow, offering new materials to the market and expanding its customer base. An EOT is increasingly being identified as a highly effective way to provide the ultimate reward for loyal, long-term employees. It enables them to become stakeholders and company owners, often satisfying long-held ambitions. They are, in most cases, a catalyst for further business success and deliver a satisfying and undisruptive way for entrepreneurial business owners to exit their own businesses.“
The Mayflower Stone EOT deal was managed by Kevin Uphill and his team at Avondale Corporate of Reigate.