Boyce Precision Engineering (BPE) has future-proofed business continuity by becoming one of the first companies in Northern Ireland to adopt an innovate new model that has seen the employees assume ownership of the firm.
Joint Managing Directors George and Brian Boyce have completed the sale of their shares in the Portadown-based company to the 27-strong workforce through the establishment of an Employee Ownership Trust (EOT).
The EOT is a trust fund that acquires shares in the company on behalf of the employees, who become the owners of the shares and the beneficiaries of the trust, with a trustee appointed to safeguard both parties.
Grant Thornton acted for Boyce, which manufactures specific component parts for the aerospace, defence, pharmaceutical, textile, motorsport and food industries, in structuring the EOT deal.
Brian Perry, Managing Director, Boyce Precision Engineering, said:
“Boyce Precision Engineering has been at the forefront of manufacturing high-spec CNC components for almost 20 years and the Employee Ownership Trust provides us with the ideal platform from which to maintain the industry-leading service that we are renowned for.
“The new ownership model will further incentivise our staff, see them become more vested in strategic decision-making and, ultimately, help boost productivity for a client base that includes a range of major firms with a global presence.”
Manufacturing high-spec CNC components for the defence, aerospace, pharmaceutical and automotive sectors, BPE is based at an 18,000 sq. ft manufacturing facility at Charlestown Road Industrial Estate, which opened following a £6.9 million investment in 2019.
Its customers include Thompson Aero Seating, Thales, Collins Aerospace and Randox.
George Boyce, outgoing Managing Director of Boyce Precision Engineering, said:
“Having co-founded Boyce Precision Engineering in 2006, it was important to my brother Brian and I that any sale was structured in a way that ensured continuity of service and rewarded the dedicated workforce that has helped make the company the success it is today.
“The Employee Ownership Trust, structured for us by Grant Thornton, met all of our aims and we are delighted to have completed the deal. We look forward to seeing the business continuing to prosper in the future.”
Paul Prenter, Director, Grant Thornton Northern Ireland, said:
“Employee Ownership Trusts have been gaining significant traction across the United Kingdom in the last three years but are a relatively new concept in the Northern Ireland market. At Grant Thornton, we are continually looking at innovative ways in which we can structure deals that generate maximum benefit for clients.
“Boyce Precision Engineering is an excellent example of a company that is willing to look beyond the normal when it comes to taking strategic decisions that help future-proof its business.”