Managing Director Nick Coley, who acquired the £17m turnover specialist civil engineering contractor from Bouygues UK in 2013, has completed the transaction which means that the employees now own 100% of the business.
Coley and the existing board of directors will remain in place in their current roles, with employee ownership providing greater opportunities for staff to influence business decisions through the formation of an employee council.
According to most recent accounts, Fitzgerald employed around 70 staff and delivered a profit of £700,000 in the year to March 2021.
Coley said: “The transition to an Employee Ownership Trust acknowledges the hard work and efforts over many years and gives all employees an opportunity to share in our continuing success.
“The Employee Ownership route will allow us to provide greater opportunities for succession from within the internal management team over the coming years – an ethos that has been encouraged and served us well in recent times.
“With the current skills shortage, staff retention and the ability to attract new staff is critical to our ongoing success, and by creating an ownership culture we can more effectively incentivise our employees and continue to deliver sustainable growth.”