W&R Barnett Acquires Majority Stake in Symphony Group; Gilbert-Ash Moves to Employee Ownership Model

W&R Barnett Acquires Majority Stake in Symphony Group; Gilbert-Ash Moves to Employee Ownership Model

Ireland/UK: W&R Barnett, a Belfast-based family-owned business with an annual turnover of nearly GBP 2 billion (USD 2.52 billion), has acquired a majority stake in Symphony Group, the United Kingdom’s largest privately owned fitted furniture manufacturer. Symphony Group, based in South Yorkshire, produces kitchens, bathrooms, and bedroom furniture, and employs around 2,000 people. In 2023, the company reported a pre-tax profit of GBP 15 million (USD 18.9 million) on a turnover of GBP 340 million (USD 428.4 million). The existing owners, Doug Gregory and his family, will retain a significant share and continue to be represented at the board level. 

In a separate development, Northern Ireland-based construction firm Gilbert-Ash is transitioning to an employee ownership trust (EOT). The restructuring aligns with a UK government initiative that allows business owners to transfer ownership to employees via a trust structure, exempt from capital gains tax. Gilbert-Ash managing director Ray Hutchinson stated that the move supports long-term business continuity and reflects the company’s existing employee-owned ethos, which he said has contributed to loyalty and innovation among its workforce. 

Source: BBC