CUMBERNAULD-based glass and aluminium specialist Cube Glass has announced that eleven of its long-standing team members have been allotted up to one fifth of the equity shares in the company by existing shareholders, principally founder and MD Gary Thorn.
The arrangement, which entitles shareholders to part-ownership and dividends arising from the profitability of the business, has been transacted under HMRC’s approved Enterprise Management Incentive (EMI) scheme.
Gary Thorn explained, “After more than ten years of active trading as Cube Glass, I wanted to show my appreciation for the huge contribution our colleagues have made to the company over the years by their dedication, commitment and real skill in their diverse roles. There is really no more to it than that.
“I want them all to feel part of the business and by being part-owners, I believe I can support that aim. In addition, the company has just introduced private health cover for everyone who works here.”
Andy Logan, managing partner of Glasgow-based CA firm Robb Ferguson, who oversaw the transaction, added, “Gary wants the people who helped him build the business to share in its financial success. The EMI scheme is an excellent way to reward valued colleagues and it surprises me that so few businesses elect to go down this road. Gary has had the foresight to do so, and I believe it will serve him well in attracting both new business and, potentially, first class, high-quality new recruits.”
Cube Glass recently partnered with French design and engineering specialist Bel’M, as an addition to its existing supplier relationships with the likes of Senior Architectural Systems, Metal Technology and Schüco.
The business has also completed a £600,000 investment in a new factory – double the size of the previous premises – and will shortly be opening a new showroom to highlight the expanded range.