RJ Lifts group has transitioned to 100% employee ownership in a move that will enable its employees to share more in the future direction and success of the business.
The company has been one of the country’s leading lift specialists for over 25 years, operating across the UK and currently employing around 200 staff. The decision to transfer all of the company’s shares into a trust where they will be held on behalf of the employees supports the company’s aim to remain independent. It is a natural progression for a business that has always been focused on its people and recognises their commitment.
Santander UK provided RJ Lifts with multi-million pound funding to support the transition to employee ownership. Financial due diligence was undertaken for the bank by BSN Associates.
Richard Skelson, Group Chairman, RJ Lifts said: “This is a very positive step for our staff, our clients, and the company. Our vision is for the business to continue to be run in accordance with the values and principles on which it was first built, and this will be enhanced by employee ownership.”
Gareth Williams, Managing Director, RJ Lifts said: “This guarantees our future and the next stage of growth as an independent company, and allows us to continue to deliver consistently for our clients.”
Simon Clewlow, Director, Growth Capital, Santander UK said: “Santander UK is well positioned to support employee-owned businesses and we are pleased to provide this funding to RJ Lifts, enabling it to achieve the financial completion of its journey into employee ownership through an Employee Ownership Trust-structured buy-out. RJ Lifts is a high-growth business with an exciting future ahead and we are delighted to become its banking partner, supporting it to grow over the years to come.”
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For information about RJ Lifts, please visit: www.rjlifts.co.uk/