Published 24th Oct 2023, 06:52 BST

Updated 24th Oct 2023, 07:14 BST

Wakefield-based MTW Architectural, which was founded in 2005 by Richard Moore, the Managing Director and Neville Taylor, the Commercial Director, has grown to become one of the UK’s largest façade contractors.

The £14m turnover business specialises in the design, fabrication and installation of the Schuco System for windows, doors and facades, working with clients such as Galliford Try and Bowmer & Kirkland.

MTW Architectural has now become 100 per cent employee-owned with the founders transferring their shares to an Employee Ownership Trust.

MTW Architectural, based in Wakefield, was founded in 2005 by Richard Moore, Managing Director and Neville Taylor, Commercial Director. (Photo by Richard Franklin supplied on behalf of MTW)

A spokesman said: “All of the company’s employees will benefit

financially from the success of the company. Richard Moore and Neville Taylor will remain in their current roles and continue to be directors of MTW Architectural.

"They will be joined on the board by Joanne Abbott, Financial Director and Michael Davany, Production Director.

Mr Moore said: “Selling the company to our employees through an EOT has felt like the most natural option for the business.

"It is recognition of the fantastic contribution of the whole team to MTW Architectural’s growth and success and will secure the stability of the company for years to come.

“Neville and I are delighted to be expanding the board to reflect this next phase of growth for MTW Architectural and welcome Joanne and Michael as directors.”

MTW Architectural was advised by Dan McCormack at Lupton Fawcett LLP (legal), Roger Esler at Dow Schofield Watts (corporate finance) and Russ Cahill at Tax Advisory Partnership (taxation).

Daniel McCormack, Partner at law firm Lupton Fawcett, said: “This is a great result for MTW Architectural and all of its employees.

"The founders have built a first-class business with support from a top-quality team. This is the perfect time for the company to broaden the ownership and the leadership team whilst it being very much business as usual.”

Roger Esler, Corporate Finance Partner at Dow Schofield Watts added: “The objectives of MTW Architectural and its founding shareholders made the EOT route compelling for the business.

"The continuity in leadership and inclusion in future valuation creation will ensure stability, independence and incentivisation, together with preserving the entrepreneurial spirit of the company.”

EOTs were introduced by the Government in 2014 to encourage founders and other shareholders to pass ownership of their company on for the benefit of its employees. By June 2022, there were an estimated 1,000 employee-owned businesses in Britain.

Lawyers from Shoosmiths, which has an office in Leeds, recently reported an increased interest in EOTs across sectors including professional services; retail; wholesale; information and communication.

Wakefield-based MTW Architectural becomes employee-owned business