Staff from Thirsk-based Twisted Automotive and specialist dipping company Hydrographics will now collectively share full ownership of the business, providing greater incentive for them to influence business decisions with day-to-day benefits and financial rewards.
Charles Fawcett, founder of Twisted, will remain in his role as managing director.
He said: “It is with great pride that we enter employee ownership; a venture that recognises both my appreciation of my hardworking team and the importance of their contribution to the company’s success.
“I’m delighted that Twisted has secured its future independence with a focus on its people, by offering them the opportunity to own the business that they have helped to build and empowering their future growth and development for years to come. The business will flourish under their steam because of this.
"Setting up an EOT scheme is a very exciting stage in the company’s history and is key to our succession planning in the wider business arena.
"And whilst we’ve created a more employee-centric structure, our board of directors will remain active in their current roles and continue to contribute and drive the business to new heights, maximising the opportunities this will bring.”
Thirsk-based Twisted was founded in 2000 and is a Land Rover Defender specialist. It has additional locations in Kensington, Salcombe, Silverstone, Austin, Texas, and Dubai.
Today it employs 35 staff and had a turnover of £6m in the year to December 2021.