‘We wanted to do something our grandfather would be proud of’: Yorkshire firm founded in 1940s handed on to employees

The firm’s clients include many major outdoor events such as Leeds and Reading Festivals and Aintree Racecourse – where it has supplied equipment for the Grand National for almost 50 years.

The company is now owned by its employees after transferring into an Employee Ownership Trust (EOT).

Richard William Search and his brother Jamie have owned and run the business for the last 35 years after it was originally founded by their grandfather, Bill Search.

Richard said: “When it came to succession planning, our children already have successful careers elsewhere, so we were keen to find the right way to secure the future of our firm for the people that matter the most – our team and our clients.

"We had been approached several times to sell outright to competitors and other big operators in the sector, but we felt this option did not fit with our ethos.

"We are a family business at heart, and we wanted to do something our grandfather, who established the business 78 years ago would be proud of.”

The pair began exploring the EOT option after discussing it with a fellow member of the Business Alliance – a local business leaders’ group – who had recently been through the same process.

The firm was advised on its EOT by Cathy Cook from Yorkshire based LCF Law.

Ms Cook said: “EOT owned businesses are generally successful in terms of resilience, profitability and staff retention and one of their strengths is that the company can plan for the long term.

"The Search brothers needed a retirement strategy, but they didn’t want their business to be sold and split up – they didn’t feel at all comfortable with that.

"They wanted to leave the business in the best possible shape for the future, and as part of that process Richard will be working in the business for at least three more years to manage the transition.”

Richard added: “There are lots of benefits to the team, including tax free profit share, but most importantly they’re now all stakeholders in the company. By setting up the EOT, our team benefits from the firm’s financial success now and in the future, whilst also leaving a real legacy.

“Crucially, the EOT also safeguards the future of our people and clients for the long term. We have worked hard to build those relationships, and it was important to us that we retained our approach– so this was a big driver for us. The best people to maintain this culture are the people who have worked with us for years.

"Our team are now starting to see what being an EOT means, and we are looking forward to a cracking future.”

As well as renting out plant and machinary, William G Search also provides industrial air compressor solutions to manufacturers and businesses across the country.

​Research from the University of Stirling released last year found that employee owned businesses deliver between an eight to 12 per cent productivity boost against non-employee owned counterparts.

The research, which surveyed over nine per cent of employee owned businesses in the UK, found that they are at least eight to 12 per cent more productive based on gross value added per employee.