At the same time, Founders Paul Wheeler (Chairman) and Patricia Wheeler, and long-standing Group Stadia Director and Partner Kevin Underwood all retired from the Board.
Their fellow long-term Partners Mike Kempley (CEO) and Tim Brown (COO) move into the roles of Chairman and Deputy Chairman, declaring an intent to stay involved for five years and two years respectively.
The Trust will be represented by a Corporate Trustee: BGC Trustee Ltd, led by Independent Chairman Russell Field. the Trustee Board also comprises two member directors balanced with two employee directors.
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The EOT will always retain a minimum 60% equity in Buckingham, allowing for future issue of Growth Shares.
To mark the move to Employee-Ownership a celebratory £1,000 tax free bonus is being paid to over 530 eligible employees. This is in addition to the company’s long established progressive profit share bonus scheme
Buckingham has been strongly supported in this transition by BDO LLP and Birketts LLP
Mr Wheeler said: "Back in 1987 when the Company was first incorporated, I never dreamt that the business, which was originally known as 'Buckingham Plant Hire Contracting Limited' would ever accomplish such remarkable achievements. With growing annual sales revenues nudging £700m for 2021 the business has attained the status of being a large corporate, widely recognised for delivering top quality projects and has become consistently established within the ‘Top Twenty’ private Construction Contractors in the UK. None of this would have been possible without the commitment, skills and dedication of our staff members, our Management Teams and everyone working in departments across the whole business."
