Maxwell staff acquire Telford HQ
More than 20 employees at Maxwell Amenity, a Telford-based supplier of sports turf and landscaping products, have purchased the company's headquarters with the support of its pension scheme and new banking partner.
A total of 22 staff invested their pension funds into a self-administered scheme to purchase the 65,000 sq ft site, located opposite the former British Sugar Beet Factory in Allscott, from the shareholders of Wrekin Farmers Ltd. It comprises warehouses and an adjacent agricultural field.
The employees were also supported by The Royal Bank of Scotland (RBS), which provided a loan towards a commercial mortgage.
Dave Saltman, managing director of Maxwell Amenity, said: "Telford is a central location which suits the needs of our business and work force. The site has been hugely significant in contributing towards excellent business growth in recent years.
"When we were aware the site was up for sale, we explored options to purchase, and funding the purchase through a staff pension scheme looked like the perfect solution. We were overwhelmed by the response from our employees."
Maxwell Amenity employs 70 staff and supplies sports turf, landscaping and lawn care products and services to a range of clients including Premiership football clubs, golf clubs and local authorities.