Target Components, a Yorkshire-based IT distributor, has transferred majority ownership of the business to its 60 employees through the setting up of an Employee Ownership Trust (EOT). The EOT will represent the interests of company employees who will have a representative on the EOT board.
The Target board, led by Managing Director Michael Lawrence, will continue to manage the company but with a commitment to do so in the best interests of its employees, while continuing to serve the needs of customers.
Lawrence said: “We have exciting plans for Target and the change in ownership is a significant milestone for us. The commitment, innovation and attitude of the team at Target have underpinned our successes and it’s fantastic for them to have an even greater stake in the future development of the business”.
Previous owners Paul Cubbage and Ian Prescott will retain a minority stake within the business and operate as non-executive board members.
Cubbage said: “Selling the company to the employees through the creation of the EOT ensures the stability of the business for the long-term and supports our desire for further growth. This move recognises the value that the Target team have delivered over the years and the pivotal role each individual will play as the business progresses under its new leadership.”