20th June 2019 – Leading fire engineering consultants Tenos have formed an Employee Ownership Trust, thanks to a seven figure funding deal provided by Allied Irish Bank (GB)*.
Tenos has made the exciting decision to transfer 66% of its shares into an Employee Ownership Trust which creates a strong platform for further growth and success. It will promote the engagement of employees in the continued successful operation of the business and reinforce their commitment to enhance the services provided to customers across the UK and worldwide.
Established in 1997, Tenos operates from its head office in Manchester and other locations in London and Bristol. A leading international fire engineering consultancy, Tenos are experienced independent fire engineers with a proven track record in providing fire engineering solutions for landmark buildings worldwide.
Adrian Hay, Managing Director and co-founder of Tenos said: “With our employees now owning a significant stake in the company and the growth plans currently in place, I look forward to seeing how far the business can grow over the coming years. This is a very exciting period of development at Tenos and we are delighted to embark on this new phase which will incentivise our employees and allow us to share the benefit of their collective contribution, helping our staff to feel valued, understood and supported.”
“The creation of the Employee Ownership Trust will allow us to maintain our offering of a high quality, specialist approach to clients who we want to work with and who recognise the value of a service provided by people who care about what they do. Our commitment to the development, engagement and reward of current employees has always been important and the new structure reinforces this.
“The financial backing from Allied Irish Bank (GB) has been very important in the establishment of the Employee Ownership Trust. They have demonstrated a great understanding of our business and the process and demonstrated flexibility and enthusiasm to work with us.”
Simon King, Senior Relationship Manager at Allied Irish Bank (GB) said: “Tenos is an established business with a strong offering in the fire engineering sector and we are delighted to assist them with the creation of the Employee Ownership Trust. This new structure serves the best interests of both staff and customers because it amplifies their commitment to driving forward the business and is also an attractive benefit to potential new recruits. We wish everyone at Tenos the very best at they embark on this exciting new journey.”
*The AIB logo, Allied Irish Bank (GB) and Allied Irish Bank (GB) Savings Direct are trademarks used under licence by AIB Group (UK) p.l.c. incorporated in Northern Ireland. Registered Office: 92 Ann Street, Belfast BT1 3HH. Registered Number NI018800. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
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