Tool Connection becomes Employee Ownership Trust
The Tool Connection has officially become an M.T.S. Employee Ownership Trust.
An Employee Ownership Trust is a government initiative enabling company’s to sell a controlling stake in the business to employees, without employees having to buy shares.
As part of the new governance structure, representatives from across the business, alongside management and independent trustees, will help oversee the Trust on behalf of employees.
The move to becoming an EOT comes during a landmark year for The Tool Connection as it celebrates its 50-year business anniversary.
It has since grown into one of the UK’s leading suppliers of professional automotive and workshop tools, employing more than 158 people. Further growth is anticipated with investments of up to £7m planned this year.
Independence
Eddie Altham, Tool Connection managing director, said “Our founder Martin Smith always believed that the people who helped build the company should share in its future. The Employee Ownership Trust allows us to honour that vision while continuing to invest, innovate and grow for the long term.
“Employee ownership protects the independence of the business, preserves the culture that has made us successful and ensures our employees remain at the heart of everything we do.”
