Cable firm ICS2 switches to employee ownership
Workers in control: the ICS2 team
A cable manufacturing firm has handed control and ownership of the business to its employees.
Paul Munro, Ian Johnston and Jeff Smith, owners of Dundee-based ICS2 Cables, have transferred the business to an employee ownership trust [EOT] and its 18 members of staff.
Managing director, Mr Munro, said: “Having set up the business some time ago, both myself and Ian are looking to step down in our positions over time, with Jeff focusing on his other business.”
He said ICS2 had received interest from a company in England, but it had suggested moving operations down south, which he and his fellow owners were not prepared to do.
“I want to get to the stage where I come into the office and I have nothing to do, retiring in the knowledge that the business is in safe hands; continuing to succeed and evolve under a competent management team,” he said.
Carole Leslie of Ownership Associates, which supported the move, said: “ICS2 is a powerhouse of innovation and productivity. By opting for a sale to an EOT, Paul and Ian have secured the future of the business in Dundee.
“Indeed, when we announced the plans to the employees they were hugely relieved that there would be continuity and stability for themselves and the company.
“Dundee has lost too many manufacturing businesses over the years. It’s great to know that ICS2 is committed to the area for the long-term.”
Established in 2002, ICS2 Cables was originally based in Glenrothes, Fife, before moving to larger premises in Dundee, after initially looking to purchase additional machinery from an existing manufacturing facility.
Before its fifth anniversary the company was achieving more than £1m in turnover. Since then, it has continued to grow with its products being used globally.
Through its work with specialist suppliers in their chosen sectors of operation its products are used in many of the world’s most recognised global brands with ongoing developments into aquaculture, 5G Telecoms and Access Control which continue to dominate as buoyant growth sectors in the years ahead.
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