The Kent-based KKB Group, which specialises in providing niche services to the remediation, recycling, plant and civil engineering sectors, has transitioned its ownership structure to an Employee Ownership Trust (EOT).
An EOT is a special form of employee benefit trust introduced by the Government in September 2014 in an attempt to encourage more shareholders to set up a corporate structure which facilitates wider employee-ownership, albeit via an indirect holding company.
The move to employee-ownership will maintain continuity while helping to secure long-term stability of the business.
Commenting on the recent change, Managing Director Del Bhanot said “The new ownership structure enables us to preserve the legacy of the KKB brand while seamlessly maintaining our operations and established relationships with clients, suppliers and other stakeholders , “Many of our staff have been with the business since its inception, and this development provides them with a level of protection and security which acknowledges their contribution to the Group’s development as well as a share in its future success.”
It will be very much business as usual for customers and stakeholders who will experience no change to day-to-day operations with the same management and operational teams remaining in place.
Customers however, should benefit for the more inclusive culture that employee-ownership will bring.
Del added, “We anticipate the transition to an EOT will promote employee retention and engagement within the KKB Group and create a long-term culture of inclusiveness whereby the value of every employee is recognised, and they are empowered to make a positive contribution to the success of the business going forward. “
One hundred per cent of shares in KRR Basico Limited, the holding company, have been transferred to the EOT, effective from 2nd August 2022. The Group of companies includes KKB Remediation, KKB Plant and KKB Fleet Services. The owners will remain a hands-on presence with Colin Basi as one of 5 trustees on the newly formed EOT Board.
Data suggests businesses which adopt the employee-ownership model benefits from enhanced corporate performance with higher productivity, profitability, and greater levels of innovations.
The KKB Group has been providing services to the construction and civil engineering sectors for over 12 years, offering a suite of services from land remediation to waste recycling and plant hire and sales to increase the value and environmental performance of the regeneration process.
