Target Components has transferred majority ownership of the business to its 60 employees as the distributor moves to become an employee-owned trust (EOT).
Targets employees now own the majority of the distributor’s shares, and an employee representative will be appointed to the EOT board.
Documents related to the sale of the business by former MD, Paul Cubbage, and owner Ian Prescott were signed last week, marking the beginning of Target as an employee-owned business.
Target’s board will continue to manage the company, led by managing director Michael Lawrence, who replaced Cubbage last year after he moved to a non-executive director position.
