The John F Hunt Group Ltd has announced the creation of an Employee Ownership Trust (EOT) for its 500 staff.

Charman John Hall said the move was a natural step for the £157m-turnover demolition,construction and regeneration specialist.

He said: “Selling the Group to a third party or breaking it up would never have been straightforward, or an option I would have considered.

“Our employees are the mainstay of the business, and it has taken a long time to create a group of companies that works so well together. Transitioning to employee ownership was the next natural step and I’m delighted that all the directors and staff have bought into the idea and been so supportive.”

The Group has 21 businesses operating out of 16 locations nationwide.

The EOT will cover everything apart from John F Hunt Power and Morris Machinery which have seven regional offices and are excluded from the new arrangement.

Hall added: “EOTs are now a ‘well-trodden and accepted path’ in continuing the success and growth of a business but the secret has to be maintaining the strength of the balance sheet and not to be greedy!

“Being quite realistic nothing will actually change in the day-to-day management of the Group and I’m delighted to remain as active Chairman.”

In its latest published financial results for the year ending 31 March 2023, the Group reported a turnover increase of 44% to £157m, with pre-tax profits at £9.46m and a net asset value of £38.6m.

The firm was founded by Hall in 1982 and derives its name from his great-grandfather’s ironworks business which operated in London’s East End during the 1930s.