Transitioning to employee ownership will secure our ‘long-term legacy’, says market-leading insulation supplier
Galaxy Insulation and Dry Lining has said its move to employee ownership will secure the “long-term legacy” of the business.
The market-leading insulation supplier moved the majority of shares in the business to an employee ownership trust (EOT) in September – known as the Galaxy Employee Trust.
In a statement revealing the news, Galaxy said: “The restructuring of our business will ensure that we have a long-term legacy by maintaining the integrity, continuity, culture and values of Galaxy.
“We are people focused and giving our employees a vested interest in the company will have a positive impact on achieving our future aspirations.
“We believe this decision will help us to become the long-term partner of choice of our employees, customers, and suppliers alike.
“The employee ownership model not only allows Galaxy to recognise and reward the hard work, commitment and passion of the staff, but also to continue to harness the power of our diverse workforce to deliver long-term sustainability.”
Galaxy Insulation and Dry Lining was established in 2009, with warehouses situated in Sheffield and Leeds. The ongoing success of these two branches saw a North West site at Haydock open in September 2016, and a Birmingham branch in April 2017.
September 2018 saw the successful completion of a management buyout, and 2019 heralded Galaxy’s first venture into the south with branches opening in West and East London, followed by new locations in West Bromwich and Bedford during 2020, and five new “Galaxy dots on the map” in 2021 in Newcastle upon Tyne, Bristol, Swansea, Nottingham and Tonbridge.
Last year, Galaxy also completed its first acquisition with Hush Acoustic Products joining the group in October, while a Glasgow branch will open in January 2023.
On its move to employee ownership, Managing Director Tracy Shepherd said: “We believe that Employee Ownership is the right step for our company to take us into the future. It will be an evolving process as it is new to all of us and together, as partners, we will work hard to ensure that it is successful and rewarding.
“We are a formidable team of people, we have a wealth of knowledge, skills and experience and we all share a passion for the business.
“We all need to be the best we can be and continue to be brave and confident in selling our product and services. We are the best in the industry, and we can offer our customers a second-to-none service.”
James de le Vingne, Chief Executive of the Employee Ownership Association (EOA), added: “I’m always struck by the passion and commitment in our employee-owned member businesses joined by a common purpose, that business and society are better when people have a meaningful stake and say in their work, and the EOA is excited to help Galaxy Insulation and Dry lining bring its employee ownership to life following its transition.”