finance

Cable manufacturer ties the employee-ownership knot



A Dundee-based cable manufacturing firm has handed ownership to its employees.

Paul Munro, Ian Johnston and Jeff Smith – owners of ICS2 Cables – decided that on the back of the company’s second best year, they would transfer to an employee ownership trust for the 18 members of staff.

After receiving advice from Thorntons solicitors, EQ Accountants and Ownership Associates, the transition took just six months.

Established in 2002, ICS2 Cables was originally based in Glenrothes, before moving to larger premises in Dundee, after initially looking to purchase additional machinery from an existing manufacturing facility.

Before its fifth anniversary the company was achieving more than £1m in turnover. Since then, it has continued to grow, with increasingly global use of its subsea, 5G telecoms, access control, automotive and industrial sector solutions.

Managing director Paul Munro said: “Over the years we have honed our craft and skill to form relationships with our customers, and this is down to our highly trained and trusted team of employees.

“Having set up the business some time ago, both myself and Ian are looking to step down in our positions over time, with Jeff focusing on his other business.

“ICS2 previously received interest from a similar company in England, but it had suggested it would be looking to move operations down south, which we were not prepared to do for the sake of our team and the local area.”

Munro continued: “The idea was put to us by our accountants EQ Accountancy and working with Carole Leslie of Ownership Associates, alongside Thorntons’ legal team, we were able to formulate the best option for all involved with ICS2 Cables.”

ICS2 trustee Laura Munro is now responsible for the company’s quality systems as part of the management team. She said: “Adopting employee-ownership will best protect the interests and commitment of the company’s team, while also allowing ICS2 Cables to achieve new levels of performance in our chosen growth sectors across the business.

“In order to best support the growth of the company, we look to recognise key areas for development and investment which can consolidate on the previous strengths and successes of ICS2.

“The recent introduction of our new IT infrastructure investment supported by an Scottish Enterprise Digital Boost grant, is seen as one of many progressive steps we have taken to modernise our internal systems, whilst driving forward the fundamental objectives of the business.”

Don’t miss the latest headlines with our twice-daily newsletter – sign up here for free.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more