Dundee cable manufacturer ICS2 is now in employee ownership! Developing subsea, 5G Telecoms, access control, automotive and industrial sectors, Dundee-based ICS2 Cables, achieved its second best year in 2021 despite managing supply shortages affected by the pandemic. The manufacturing firm with an extensive portfolio of bespoke products for clients around the world has handed control and ownership of the business to its employees.
The transaction completed earlier this year but as some employees were still furloughed, it was thought to hold off going public with the news.
Following the ongoing success of the business, owners Paul Munro, Ian Johnston and Jeff Smith, felt adopting employee-ownership was in the best interests of the company’s staff and customer base.
ICS2 Cables received advice from Thorntons solicitors, EQ Accountants and employee-ownership specialist, Ownership Associates, with 100% of the business being transferred to an employee ownership trust [EOT] and its 18 members of staff.
Managing Director, Paul Munro, said: “Our success is down to our highly trained and trusted team of employees.
“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.
“I want to get to the stage where I come into the office and I have nothing to do, retiring in the knowledge that the business is in safe hands; continuing to succeed and evolve under a competent management team.”
The employees were delighted when they learned of the plan to transfer the shareholding to an EOT. The existing management team will look to build on the historic success of the ICS2 Cables business and establish a new platform for the continued expansion of the business in the future.
Laura Munro was selected as an employee trustee and is responsible for the Company’s Quality Systems. Laura 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.”
“Setting up an EOT has been a valuable learning experience for everyone, it is like pressing the ‘fast forward’ button, and we remain focussed on the future opportunities that lay ahead for this innovative and growing business. There is a renewed level of enthusiasm and a real sense there is something to strive for”
Paul reports that there has already been an uplift in productivity within the business and morale is high. “There’s more openness now and people understand the value of what they do. We are holding monthly review meetings to keep everyone updated on the performance of what is now their business.”