The deal has enabled the business, which specialises in electronic assembly, to implement an Employee Ownership Trust (EOT). Founder Warwick Adams, who established the company in 1982, will now take up the position of Chairman. An EOT is a business model where employees collectively own the company.
The decision to sell Tioga to its approximately 150 staff was made to safeguard jobs and ensure a smooth transition for the team, suppliers, stakeholders, and customers alike.
It will also allow employees to receive future, tax efficient, bonus payments.
EOT Process Completion with HSBC UK Support
Dean Hallam, Group Chief Financial Officer at Tioga, said: “With HSBC UK’s support, we have been able to complete the Employee Ownership Trust process quickly and efficiently. The bank’s team guided us from start to finish and fully understood the need for a swift turnaround. We’re delighted that Tioga’s continued growth will now further benefit all staff.”
Commitment to Empowering Businesses with EOT
Daniel Williams, Relationship Director at HSBC UK, added: “We’re committed to supporting and empowering a diverse range of businesses and look forward to seeing Tioga carve out a bold new path as an Employee Ownership Trust.”
Tioga’s Specialisation in Electronic Assembly
From its Derby base, Tioga specialises in electronic assembly and complete product manufacture. Its customers span a wide range of sectors, including Energy, Medical, and Aerospace.
