3P Technik UK Ltd, the stormwater treatment and rainwater harvesting experts, and its sister sustainable building supplies company Celtic Sustainables Ltd, have become an employee-owned group, now operating as Celtic House Holdings Limited.
Founded in 2000 by its current Managing Director Glyn Hyett, 3P Technik was originally based in Cardiff, before relocating to Cardigan in 2005. In 2008, Glyn established Celtic Sustainables Ltd, when he saw a gap in the market for sustainable building products in the region.
The transition to Employee Ownership (EO) brings the two companies together under one group, Celtic House Holdings Limited, from a shared factory unit in Parc Teifi in Cardigan and employing 17 people.
Since the move to Cardigan more than 20 years ago the business has employed more than 50 local people, something that has always been important to founder Glyn and a key reason behind his decision to become employee-owned and use the Employee Ownership Trust (EOT) model, rather than a trade sale.
Glyn will remain with the business after it transitions to Employee Ownership.
Glyn explained:
“When looking at the future of the business, I wanted to put something in place to ensure that it remained in Cardigan and that the people who have been loyal to the Group and me for so many years have some job security.
“I did explore the traditional trade sale route, but I wasn't ready to leave the business quite yet and was also aware that by selling to a third party, the likelihood would be that the jobs would leave the region and that's something I wasn't willing to do.”
Glyn added:
“I am staying with the business for the foreseeable future, so I can pass on my knowledge of both stormwater treatment and sustainable building to the rest of the team here, and to ensure that future generations have opportunities to build rewarding careers in this beautiful part of the world.
“While the businesses will continue to operate independently under their own brands, the move represents a shared commitment to long-term stewardship, local employment and sustainable business.”
Glyn will form part of Celtic House EOT Trustee board for the Celtic House group of companies, as well as employee trust board members Jane Heard and Rhys Rideout. The independent trust board member is Sarah Owens from the EO Team at Cwmpas. Senior managers Andrew Mayer, Morag Embleton and Anthony Kerr have been appointed as new Directors of Celtic House Holdings.
The Employee Ownership Wales service from Cwmpas is part of Social Business Wales and of the Business Wales family, both funded by Welsh Government. They support businesses navigating the transition into Employee Ownership, providing bespoke consultancy support to help you decide if EO is the right solution for owners and their business.
Sarah Owens, Specialist EO consultant from Cwmpas, said:
“It has been great to work with Glyn and the team at Celtic House Holdings on their transition into Employee Ownership.
“Glyn's motives for the use of the EOT were clear and helped us to really shape the vision for the transition and how it would work for Glyn and his team in this unique group of companies. It's wonderful news that the skills and expertise built up over so many years won't be lost and will remain in Ceredigion thanks to this move into Employee Ownership. This is a really exciting time for Celtic House Holdings and it was an honour to help them achieve the next stage in their development.”
Glyn and the team were supported throughout the process of becoming employee owned by JCP Solicitors.
Natalie Jones, Director and EOT specialist in JCP's Corporate and Commercial team, said:
“We are delighted to have been able to support Glyn and the team with the adoption of an Employee Ownership Model for the Group. The EOT will ensure that the culture of the Group is preserved and the Group's continued presence in Ceredigion.
“EOTs have grown in popularity in recent years as a practical and tax-efficient exit route – and this deal shows just how well the model can work when implemented with care. We wish Glyn and the team every success in this new chapter.”
Directors of BPU Accountants Nick Toye and Martin Knight also advised on the financial aspect of the transaction, saying:
“It has been great to be involved in the transition of a home-grown Welsh businesses to employee ownership. The EOT model fits the forward-looking ambitions of both companies and empowers the employees to drive the businesses with their energy and ideas whilst ultimately benefitting from future success. The core culture and values which benefit EOT ownership can remain and will no doubt allow the businesses to flourish.”
For more information about employee ownership, visit: https://employeeownershipwales.co.uk/.
