Last year’s Contractor of the Year (under 5m) look back at a fantastic achievement!Awards News
Posted by: electime 11th September 2019
This time last year, electrical contractor Brook & Mayo were announced as one of the finalists for the Electrical Industry Awards 2018 and six weeks later they were up on stage accepting their much-deserved award for Contractor of the Year (Under 5m)
Brook & Mayo caught the attention of the judges following their directors decision to adopt an Employee Ownership model in 2016. Every one of the 45 employees at the company, from directors to apprentices, were gifted an equal amount of free shares in the company with an approximate (tax free) value of £1,300 each.
Speaking of this time, director Darren Sewell, says: “It was a very bold decision, but one that the directors and shareholders were keen to take. The risk was always going to be engagement form the workforce at large. In order to offset any initial nervousness, the decision was made to gift every employee a sum of free shares as an initial offer, equivalent to £1,300 each. This approach immediately made everyone a shareholder in the business they worked for.
“The return has been hugely worthwhile. Share price has increased year on year, Increased turnover with net profit margins above that of our immediate competitors, increased employee engagement with a real sense of shared ownership. At a time when skilled operatives are a scarce resource within the industry, we have not lost a single colleague to a competitor.”
As well as investing in their current staff, Brook & Mayo are also taking steps to invest in the future. Sewell explains: “We are massive believers that talent is created within. It is essential for our industry that companies like ours are prepared to invest in the future and bring the youngsters through.
“We have a fresh intake of apprentices every year and given our extremely wide scope of project types the apprentices get excellent site experience and plenty of opportunity to demonstrate their newly learnt skills. Our apprentices, along with everyone else, can become shareholders.”
Speaking of the company’s success at the Awards, Sewell says
“We believe the judges were keen to endorse our efforts to fully engage with our workforce as an example to others within the industry. A philosophy of being honest, friendly and reliable allows us to build steadily on an established client base, which includes a number of local authorities, building contractors and surveying consultancies.
“Without doubt, being named Electrical Contractor of the Year was our greatest achievement in 2018. To be recognised by your industry peers as an example to others is fantastic. This has generated a considerable amount of media coverage locally and has raised our company profile within the industry.”