An East Midlands company which installs fire and security alarm system has been sold to its workers.
Tecserv UK, which is based in Underwood, on the Nottinghamshire/Derbyshire border has become an employee ownership trust (EOT), giving staff a greater say in its day-to-day profits and a greater stake in its success.
Tecserv provides fire protection, intruder alarms, access control solutions and CCTV surveillance equipment for commercial, industrial and public sector buildings.
Chief executive Graham Tilley said the move would help guarantee the long-term future of the business.
He said: “Tecserv is a great place to work and has a fantastic talented team driving it forward.
“I am planning on retiring within the next few years, so by adopting an EOT as an exit strategy, instead of selling the business to a third party, we will be rewarding our staff for their hard work and loyalty with long term security and brand continuity.”
The business was founded in 2001, and employs more than 50 people across the UK installing different types of safety and security equipment.
Clients have included the Ritz and Bulgari hotels in London, Harvey Nichols, M&S, B&Q, The National Trust, NHS Hospitals and Pinewood and Shepperton film studios.
Professional advice to establish the EOT was provided by John Sykes from Skye Corporate Finance in Leicester, Roger Harcourt from Shakespeare Martineau and Bob Johnson and Pujah Joshi from the Mazars Leicester office.
