INDUSTRY UPDATE NEWS News
CONSTRUCTION INDUSTRY NEWS
Consumers want an IBG-backed builder
DITT Construction Ltd in Shetland has transferred its entire shareholding to an employee ownership trust (EOT). The business, which started in 1974 and employs 95 people, made the shift to an EOT after shareholders Gibbie Irvine, Roy Leask, George Smith and Peter Tait – who took over the business in a management buyout in 2000 – decided to pursue the next generational change in ownership and management of the business. “Our success is thanks to the loyal team we have at DITT,” said Tait, Managing Director. “We are committed to an annual intake of new apprentices to refresh the workforce, and ensure there are training and development opportunities for everyone. “A sale to a third party would have potentially disrupted that philosophy. This move to employee ownership allows the company to continue offering an excellent service to our clients, and secure long-term employment opportunities. Gibbie, Roy and George are stepping down as directors, whilst Tait will remain Managing Director to ensure a smooth transition. Additionally, the company has made three new board appointments in Lewie Tulloch, Steven Farquhar and Liam Spence, who will join Tait. FMB member is now an Employee Ownership Trust
A s many as 85 per cent of (IBG) over someone who doesn’t. The key finding came from research commissioned by the FMB into homeowners’ attitudes. Relying on three online focus groups and one consumer survey, the research consumers are more likely to appoint a tradesperson offering an insurance backed guarantee captured responses from a range of participants, including an equal split between men and women, and those who are unemployed right up to those earning above £100,000 a year. The research showed: 85% of consumers are more likely to appoint IBG-backed tradesperson, over one who does not provide IBG; 12% were unsure of what they’d do without more information; 3% were not more likely to choose an IBG-backed tradesperson; four in five respondents were happy to pay a slightly higher contract price
if the tradesperson offers an IBG; and 66% expected an IBG to last for at least five years after completion of the project. Ultimately, homeowners expect an IBG to reassure them that they will be protected in their dealings with a builder. They wanted an IBG to give them confidence and peace of mind, and felt it would instill greater trust in the builder. Interesting to FMB members were the key words that emerged from participants in the focus group when asked what is most important to them when hiring a builder. These included recommendations, reviews, reliability, quality, high standards, professionalism, portfolio of previous
work, membership of a trusted organisation, trust and price.
The research revealed an IBG plays an important role in winning work and building confidence in consumers. Some form of financial protection for consumers is a requirement for all Trustmark members. FMB Insurance has worked with Trustmark to ensure the IBG it offers serves the same purpose. FMB Insurance said: “Our message to Non-Trustmark FMB members is simple: IBG is a tool that can be used to win more work and stand out from the crowd whilst reassuring homeowners and demonstrating credibility and confidence in your company’s professionalism.”
FMB Insurance offers two, six and 10-year IBGs. Get in touch to find out more at fmbinsurance@fmb.org.uk or 01353 652 760
8
Master Builder
Made with FlippingBook flipbook maker