Carreg Construction is first firm in Wales ‘owned by staff’

The Welsh firm has transitioned into employee ownership through an Employee Ownership Trust (EOT) for an undisclosed amount. 

Carreg Construction specialises in using traditional and heritage building methods for modern building projects. 

The company was founded in 2003 by Andrew and Sue Phillips and is based in Haverfordwest, in West Wales. 

To celebrate 20 years of operation, Carreg has transitioned into employee ownership, giving its 21 employees more stake in the business. 

The change took effect in April.

Scope 

Co-founder Mr Phillips, who has been in the construction trade for more than 40 years, initially did not believe that employee ownership would suit the business, according to Business Live. 

After the pandemic and working with other companies that had become EOT, like woollen mill Melin Tregwynt, Mr Phillips revisited the idea. 

Carreg was advised and supported by UK law firm Geldards and independent EOT specialist Alun Thomas.

Azets Finance and Social Business Wales, delivered by the economic development agency Cwmpas, also advised the firm on the deal. 

The new team 

Carreg has formed an EOT board composed of director Amy Morgansite, supervisor and carpenter Luke Roberts and independent trustee Andy Jones. 

On 1 May, Carreg appointed a new head of construction Richard Leyshon. 

Leyshon, Ms Morgan, and Mr Phillips will be the firm’s directors. 

Non-executive directors include Sion Morgan and Mr Peter Griffiths OBE, the former CEO of Sainsbury’s Banking Group and Principality Building Society.

Impact 

The firm ensures that every worksite will have a designated site supervisor who will oversee on-site activity and be the first point of contact for clients. 

Carreg has an extensive portfolio of heritage, modern, and commercial projects. 

High-profile developments include the St David’s Cathedral cloisters, Oriel Y Parc Gallery and Lexden House in Tenby.

On the EOT, Mr Phillips said: “We looked to put the business on the open market for sale, but it just didn’t feel right, so after discussing our plans further with colleagues in the industry – who explained that EOT wasn’t an overnight sale and that it could be done gradually – it became the perfect progression for us.” 

Carreg was approached for further comment on the deal. 

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Image credit: @carreg_construction, Instagram.