In March 2022, Craggs Energy transferred ownership of the business to their 37-strong workforce.
The company, which has been in operation for over ten years, has grown into a significant player in the UK fuel industry, providing fuel delivery services and wider solutions to homes, farms and businesses across the North of England.
Group chairman Chris Bingham, said: “I’ve been considering the option of employee ownership for quite some time and when we looked into the benefits and alternatives available to us, an EOT was the obvious choice as it allows the existing shareholders to plan their exit over a longer term while transferring the benefits to the employees.
“As successful and ever-growing businesses, we could have sold to a third party, however, I place great value on my team and wanted to be able to reward the people who have grown the businesses to where they are today.
“As far as I am aware, we are the first fuel distribution companies in the UK to transfer 100% of our ownership to an EOT. The response from our shareholders and our staff has been extremely positive and there has been an increase in productivity and motivation which I’m sure will help to drive future growth. There’s no doubt in my mind, that creating an employee-led business is a good thing, and it would be great to see more companies consider the EOT route rather than a traditional trade sale.”