Gipping Construction has announced that it has become Employee-Owned with the establishment of an Employee Ownership Trust (EOT) for the benefit of the company’s employees.
Gipping Construction has a strong presence in both the private and public sectors throughout East Anglia. The company’s impressive portfolio includes a wide range of projects in heritage, health, education, commercial, and residential sectors. Notable clients include Ipswich Borough Council, Babergh and Mid Suffolk Council, Tendring District Council, Greenfield Community Housing, Flagship Housing Group, Eastlight Community Homes, as well as numerous schools, colleges, and private clients. Most recently, Gipping Construction was awarded all three lots of the 96-home Ravenswood development tender for Handford Homes.
The decision to become employee-owned was guided by Scrutton Bland and Ashtons Legal. By making this transition into employee ownership, Gipping Construction aims to safeguard its long-term mission and strategic plans, building upon the existing culture of the company which had already implemented an employee benefit trust in previous years. Ultimately, it ensures financial security and longevity for all employees involved.
Since its establishment in 2004, Gipping Construction has experienced steady growth across all sectors. Following the transition on 24th August 2023, joint managing directors, Paul Orriss and Andy Laflin will collaborate closely with the directors of the EOT to uphold the company’s commitment to future growth and financial stability.
The company’s culture is deeply rooted in Andy and Paul’s vision of an organisation that prioritises its clients and employees, provides training and growth opportunities, fosters collaboration, promotes a positive work environment, and empowers individuals. Gipping was established with the understanding that emerging talents would eventually take over from the directors, building upon the strong foundations they laid while staying true to the company’s principles and culture.
Paul explained: “Having ownership instils a sense of engagement and commitment that an employee without a stake in the business may never experience. Our decision to transfer ownership of the company to our employees was driven by our desire for it to remain firmly in the hands of a team that is actively driving it forward every day, sharing a genuine passion for its vision and values. I believe this transition will maximise employee engagement and dedication – benefiting both them and our valued clients. The Employee Ownership Trust places employees at the helm of managing the company’s trajectory moving forward.”
Andy said: “We are proud of our strong culture and values at Gipping which revolve around teamwork and collaboration. Trust is the foundation of our operations, and we constantly strive for excellence in all that we do. Becoming employee-owned will not impact our growth strategy or day-to-day operations, it only reinforces our mission and ambitions as a company. We firmly believe that putting power and value into the hands of our employees will allow us to continue doing right by them while making positive impacts on our clients, community, and cause.”
Employee ownership is a rapidly growing trend in corporate ownership models, with over 1,400 employee-owned businesses in the UK alone, an increase of 37% on last year. This sector has more than doubled in recent years, thanks to the introduction of the employee ownership trust (EOT) by the UK government in 2014.
By becoming employee-owned, Gipping Construction joins a network of EOTs that includes renowned companies like the John Lewis Partnership.