JBC Control Systems transfers ownership of the company to its employees

JBC transfers ownership of the company to its employees.

JBC Control Systems Limited has future-proofed business continuity by becoming one of the first BMS firms in the Northwest region to adopt an innovate new ‘trust model’ that has seen the employees assume ownership of the majority of the company.

A new Group Holding company has been formed and the shareholders have completed the sale of their shares in JBC and it's sister company ATC Systems Limited based in Belfast to the 90 strong workforce through the establishment of an Employee Ownership Trust (EOT).

An EOT is a trust structure that acquires shares in the company on behalf of the employees, who become the owners of the shares and the beneficiaries of the trust. Trustees, some of whom are independent have been appointed to protect the interests of the employees.

Paddy McCormack, majority shareholder of JBC & ATC explained: “Having acquired ATC and JBC in 1999 and 2003 respectively and watched the businesses evolve and flourish into established, customer-focused and well-run companies, it was a logical step for me to pass the ownership onto the employees. It’s the employees who make ATC and JBC the great companies that they are and I look forward to seeing the Group continue to prosper in the future under the stewardship of its employees and experienced management teams. The Employee Ownership Trust, structured for us by Maneely McCann Chartered Accountants and Elliot Duffy Garrett Solicitors, met all of my aims and I am delighted to have completed the deal.’’

Neil Griffiths, Managing Director of JBC said: “In collaboration with our manufacturing partners such as Honeywell Trend, ABB Cylon, Siemens, our valued supply chain/sub-contractors, JBC and ATC have been providing cutting edge BMS engineering solutions to our customers throughout the UK and Ireland for over 30 years. With the Group transferring to an employee ownership model, our employees are further incentivised and will now have a vested interest in the sustainability and enduring success of their business. This new level of employee engagement will only strengthen the trusted partnerships that we have with our customers. As a business we are delighted that Paddy Mc Cormack has agreed to stay on which illustrates the confidence that he has in the business and the people who work in it"