Tuesday, August 9, 2022

Ripley specialist maintenance company transfers to employee ownership

Ripley-based specialist maintenance company Restek will join the growing number of employee-owned businesses across the UK, as 14 of its permanent team members take a stake in the business.

Founded in 2013, Restek provides services including concrete structural repairs, composite strengthening, ground remediation and geotechnical solutions.

With an increase in revenue of more than 500 per cent in the past five years, the business has worked with numerous local authorities and blue-chip companies including Network Rail, Barclays and Highways England.

Tim Knight, Managing Director and founder of the business, had engaged Benchmark International to consider the future options for the company, and having turned down a number of offers for the business, enlisted the support of Napthens to form an Employee Ownership Trust (EOT) that holds 100 per cent of the shares on behalf of the company’s employees.

Tim Knight, Managing Director at Restek, said: “Since incorporating the business, I always had the intention of stepping away, and following consultation with Benchmark and Napthens, I decided that employee ownership was the best fit.

“Growing revenue every single year, Restek has now been involved with a catalogue of exciting, high-profile schemes, quickly cementing ourselves as a leaders in our field.

“Our continued expansion hasn’t gone unnoticed and selling to a competitor or investor was an option, but I was concerned that a third party would not act in best interests of the business and the team, some of which have been with me for more than seven years.

“This way, I can hand over the business gradually and ensure that it remains on track to fulfil its significant potential and stays true to its core values. Napthens and Benchmark have been great to work with, they have provided clear and insightful advice throughout this process.”

Keith Melling, partner and head of commercial at Napthens, said: “Restek is a real success story, it has seen consistent organic growth year-on-year since 2013 and is now a multi-million-pound business. Tim has a clear passion for his staff, as well as for the firm and its longevity, making employee ownership the best option for all parties.

“As Tim gradually steps away over the next few years, high-level and day-to-day decision making will be at the greater discretion of the team, ensuring a smooth transition for clients and the new owners alike.

“I would encourage any business owner considering an exit strategy to explore whether a similar model could work for them, as employee ownership continues to grow in popularity.”

Advising on the transition, Jonny Parkinson, director at Benchmark International said: “Following our extensive research and marketing campaign, it became clear that Restek was going to attract a lot of interest from external parties.

“After assessing all the options and considering offers from trade and financial buyers, it became clear that an EOT was the best way to move forward and we have been able to devise a structure that meets everyone’s objectives. We wish Tim and Restek’s new management team all the best for the future.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.