We are celebrating our status as an Employee-Owned Trust (EOT) by organising an open-day event on 25th June as part of National EO Day 2021.
The event, which is being held at Falco’s Head Office in Central London, will feature a team-bonding game for staff as well as corporate hospitality and networking for selected clients and representatives of the local community and other stakeholders, all while adhering to social distancing measures.
This is the 9th National Employee Ownership Day (#EODay), which is organised and promoted by the Employee Ownership Association and brings together the EO sector and its supporters to celebrate and raise awareness of the impact employee ownership has on individuals, businesses and the wider economy. The theme for this year is how employee ownership has made businesses #BetterTogether for health, wellbeing and business resilience. Falco announced it had transitioned its ownership structure to an EOT in March 2021.
To celebrate this milestone, the day will include the ‘Crystal Challenge’ – a team-bonding exercise for staff and management team, based on the format of the TV-series the Crystal Maze. Furthermore, clients such as Thames Water and UK Power Networks will be able to network with members of the local authority, guests from the community and media who will enjoy street food refreshment and hospitality throughout the day.
“Our transition to employee-ownership status is part of a wider engagement initiative by the company to work closer with staff but also increase partnership with clients, our supply chain, regulators and the local community,” says Falco Construction’s Support Services Director, Alan Seyfi. “At the event, we will be announcing a series of outreach initiatives to support the local community and consolidate our core values of inclusivity, ethical governance and corporate social responsibility.”
An EOT is a special form of employee benefit trust introduced by the Government in September 2014 in an attempt to encourage more shareholders to set up a corporate structure which facilitates wider employee-ownership, albeit via an indirect holding company. The EOT route is becoming an increasingly popular alternative to a trade sale or management buy-out. Employee ownership in the UK is growing, with more than 50% of growth in new EO businesses being since 2017. There was 28% growth in 2019, with 2020 growth increasing, according to the Employee Ownership Association (EOA).
Falco’s decision to transition to an EOT is rooted in the owner, Brendan Griffin’s, wish to establish a robust long-term legacy for the company he founded in 2004. “The creation of an EOT enables us to preserve the legacy of the Falco brand and maintain its status as an established partner for utility providers well into the future,” Griffith explains, “This development safeguards the future of Falco for the benefit of its future leaders and employees and acknowledges their contribution to its development.”
“Not only does it give our employees an opportunity to share in the company’s continued success, but our customers will also enjoy the benefits that come from working with an engaged and aligned business with motivated staff,” he adds. Falco specialises in groundworks to facilitate the installation and maintenance of underground assets for the electrical, water and telecoms sectors. The company, which operates through London and the South East, is a tier-one framework contract for UK Power Networks (UKPN) and Thames Water. It has recently been involved in a number of key infrastructure projects such as Crossrail, Thames Tideway and Battersea Power Station redevelopment as well as providing day-to-day programmes of installations, maintenance and repairs of utility infrastructure.