Online roofing supplier moves to employee ownership
Coventry-based Optagon Group, which owns Rubber4Roofs, a specialist in flat roofing materials, has moved to Employee Ownership Trust for its 50-strong workforce, which now owns the majority of the company.
First established in 2010 and based in Swallowgate Business Park, Coventry, Optagon owns and operates a family of brands. These include Rubber4roofs, Roof Depot, SkyGuard and Kitbuildr.
Optagon, which has established a nationwide presence, can ship to anywhere in the UK and offers drop-ship services for other online retailers through its national distribution network.
The move to employee ownership was motivated by an offer from a larger organisation to buy the business. However, the founders, Tom and Tina Cullingford, turned it down to let the staff be in charge of the company's destiny.
Tom and Tina Cullingford explained why they decided to sell Optagon to the staff: “It takes a lot of hard work and determination to build a company, and it takes a great team to build a great business. We were approached earlier in the year by a large organisation that wanted to buy the business, which got us thinking. It was an amazing offer, but we turned it down because we wanted this company to control its destiny.
“We believe the best way to achieve that is to involve every single member of staff in how it is run. This is a terrific business – 2023 has been our best-ever year– and we wanted all staff to benefit from that success as we continue to grow. We’re incredibly excited at the huge opportunity this represents. This is going to be business as usual, only better.”
Cullingford will stay on as managing director as part of a senior leadership team running the company day to day. He will be joined on the board of the business by two newly appointed legal directors, general manager Antony Murray and finance director Zoe George.
Antony said: "We were surprised and excited when Tom and Tina first mentioned the idea of transferring ownership of the business to the whole team. It's a huge compliment to us all here and the business we have built together.
"It will be a steep learning curve but we feel lucky to be part of such a forward-thinking, innovative organisation. All 50 of us now have a meaningful stake in Optagon's ongoing success."
Employee-owned corporate finance adviser BCMS supported the shareholders and senior team throughout the transaction.
The Cullingfords added: "We'd like to thank the BCMS team for their guidance and support in making the transition to employee ownership as smooth as possible. Their people-first approach, hands-on assistance and expertise in multiple aspects, from valuation to communication, were invaluable. Crucially, having BCMS on board allowed the senior team to get on with running the business and not be distracted by the demands of the deal.”
"The fact that BCMS is itself an employee-owned business was such a bonus. Not only do they understand the technicalities of an EOT transaction, they know exactly how it feels to make the transition to employee ownership."
