Advanced Plastics Group, based in Sutton Fields, has become an Employee Ownership Trust to give all the workers a stake in its future
A Hull company has transferred ownership to its workforce following a strategic decision by its founders to safeguard its future.
Advanced Plastics Group, based in Sutton Fields, has become an Employee Ownership Trust 33 years after Rob Anderson and Chris Pearson originally established the business. The founders say the decision acknowledges the “invaluable contributions” of its 310 staff members to its ongoing success, whilst also protecting the company’s long-term independence.
The manufacturer – which operates additional sites in Manchester and Fareham – produces a variety of technical injection moulded products for blue chip customers across multiple market sectors. Founders Rob and Chris said transitioning to employee ownership preserves its legacy, maintains its values, and reinforces its commitment to customers and industry partners.
Rob, joint CEO of Advanced Plastics Group, said: “This is a proud moment in our company’s history. Becoming 100% owned by an EOT allows us to preserve our independence while ensuring our dedicated colleagues have a direct stake in the future success of the business.
“Our customers will continue to receive the same high standard of service, with the added assurance that our team is fully invested in delivering excellence. We have a strong leadership team at Advanced Plastics Group, fully capable of driving the company’s growth strategy and guiding our colleagues through this transition.”, reports Business Live.
“This is an incredibly exciting time for us as directors and for our colleagues, as we embark on a transformative journey that will secure our future.”
Joint CEO Chris added: “Rob and I have immense pride in Advanced Plastics and couldn’t envisage a more fitting way to ensure our future ownership succession than with the EOT. Our customers, partners, suppliers and colleagues can now be confident about the future of the business, under the leadership of our current team of executive directors.”
Employee ownership has been proven to boost engagement, productivity, and innovation by giving all staff a stake in the company’s future. Trusts are also known to foster more resilient and customer-centric firms.
The transition will empower the employees of Advanced Plastics Group, allowing them to contribute their ideas to decision-making processes and they will also benefit from the company’s long-term growth.
James de le Vingne, chief executive of the Employee Ownership Association, added: “Congratulations to Advanced Plastics Group on making the move to employee ownership and joining a rapidly expanding sector that’s statistically shown to have positive social, community, and environmental impacts.
“As a manufacturer, which as an industry makes up 11% of the UK’s employee owned sector, Advanced Plastics Group’s EO succession will see it anchor the business, jobs and investment in its region for the longer term, playing a vital role in a more sustainable future economy.”
The Advanced Plastics Group has confirmed that the company will carry on under the same leadership team, guaranteeing a smooth transition without any disruption to its colleagues, customers and partners.
Get all the latest headlines sent straight to your inbox for free with our newsletter. You can stay up to date with all the breaking news and top stories as they happen in Hull and East Yorkshire by clicking this link .