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Cladding firm handed over to its employees

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The owners of cladding manufacturer CA Group have handed over the entire £60 million company to its employees.

Neville Colegrove, who retired last year, and Henry Agnew, who announced his retirement last month, refused multi-million pound offers to sell the company, and instead chose to reward their 260 staff.

The company has now been transferred to an employee benefit trust, which means it cannot be sold or taken over, securing the future of the firm and its staff.

Agnew, who announced the decision this week, said: 'We wanted to say thank you to all those people who have worked so hard to make CA Group the success it is today.

'I also wanted to ensure that the business continues to grow and thrive in its current form, with its independence and culture protected.'

The business will now be overseen by independent trustees, with all shares going to the employee benefit trust for present and future employees.

A staff spokesperson said: 'The company was founded in the sprint of co-operation and teamwork and it's always operated in that way. This was the ultimate gesture of appreciation.'

by Richard Vaughan

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