South Yorkshire earth moving specialist makes move to employee ownership

Joint-owners, Ashley Ward and Matthew Ward, sons of founder Warwick Ward, have each transferred the majority of their shares in the company to a newly launched Employee Owned Trust (EOT), Warwick Ward EOT Ltd, as part of a long-term succession strategy for the business.

Ashley Ward, joint managing director at Warwick Ward, said: “This is an incredibly exciting new chapter for Warwick Ward as we approach our 54th year of trading.

“Over the past six years my brother and I have been working on a succession plan for the future of the business and, after a lot of research and consideration, we feel that the EOT model is a perfect fit for the business, our brand partners and for ourselves.

“It provides motivation for the staff, stability and continuity and ensures the legacy of Warwick Ward continues in the way we want it to”

As a result of the new employee ownership, employees of Warwick Ward will all profit individually from the future success of the company and benefit from representation on the board of trustees.

No jobs are at risk as a result of the transition, and both owners will continue to take an active role in the business.

Simon Causier, commercial director at Warwick Ward, said: “Having been part of the management team for the last 15 years, it has been an exciting and successful journey for the company over that period.

“The way the business has evolved and grown over recent times has been phenomenal. Everyone at Warwick Ward has a huge amount of pride in the company and utmost respect for Matt and Ashley and how they have strategically shaped the business since taking over from their father 23 years ago.

“The transition to being an EOT is a fantastic and exciting opportunity for all the staff and senior management team.”

Warwick Ward is one of the largest stockists and suppliers of new and used earthmoving and waste recycling equipment and spare parts in Europe.

The firm represents three globally recognised machinery brands across large parts of the UK: Case, Terex Ecotec and Keestrack.

Part funded by Virgin Money, the move to employee ownership was carried out with support from Hentons Corporate Finance and Hentons Legal (Vendors), Hawsons, Pierce Corporate Finance and Leonard Curtis Law.

David Burgess, director of business banking at Virgin Money, said: “Warwick Ward is a well-known family business and the move to being employee owned is a natural step for the company, providing succession whilst keeping the family’s legacy.

“It has been a pleasure to work with Matthew, Ashley and the team, supporting them with the cashflow finance package to help fund the move to being employee owned.”