Stormwater treatment and rainwater harvesting company 3P Technik UK, along with its sister venture Celtic Sustainables, have transitioned to employee ownership, forming a new group entity called Celtic House Holdings. The move secures the future of the businesses in Cardigan, Ceredigion, and protects 17 jobs at their shared factory unit in Parc Teifi.
Founder's Vision for Local Legacy
Founded in 2000 by managing director Glyn Hyett, 3P Technik originally operated from Cardiff before relocating to Cardigan in 2005. In 2008, Hyett established Celtic Sustainables after identifying a gap in the market for sustainable building products in the region. The transition to employee ownership brings both companies together under one group, Celtic House Holdings, which employs 17 people.
Since moving to Cardigan more than 20 years ago, the business has employed over 50 local people. This commitment to local employment was a key factor in Hyett's decision to adopt the employee ownership trust (EOT) model rather than pursuing a trade sale. The value of the deal has not been disclosed.
Securing Jobs and Knowledge
Hyett stated: “When looking at the future of the business, I wanted to put something in place to ensure that it remained in Cardigan and that the people who have been loyal to the Group and me for so many years have some job security. I did explore the traditional trade sale route, but I wasn’t ready to leave the business quite yet and was also aware that by selling to a third party, the likelihood would be that the jobs would leave the region and that’s something I wasn’t willing to do.”
He added: “I am staying with the business for the foreseeable future, so I can pass on my knowledge of both stormwater treatment and sustainable building to the rest of the team here, and to ensure that future generations have opportunities to build rewarding careers in this beautiful part of the world. While the businesses will continue to operate independently under their own brands, the move represents a shared commitment to long-term stewardship, local employment and sustainable business.”
Governance and Support
Hyett will form part of the Celtic House EOT Trustee board for the group of companies, alongside employee trust board members Jane Heard and Rhys Rideout. The independent trust board member is Sarah Owens from the EO Team at Cwmpas. Senior managers Andrew Mayer, Morag Embleton, and Anthony Kerr have been appointed as new directors of Celtic House Holdings.
The Employee Ownership Wales service from Cwmpas, part of Social Business Wales and funded by Welsh Government, supported the transition. Sarah Owens, Specialist EO consultant from Cwmpas, said: “It has been great to work with Glyn and the team at Celtic House Holdings on their transition into Employee Ownership. Glyn’s motives for the use of the EOT were clear and helped us to really shape the vision for the transition and how it would work for Glyn and his team in this unique group of companies. It’s wonderful news that the skills and expertise built up over so many years won’t be lost and will remain in Ceredigion thanks to this move into employee ownership. This is a really exciting time for Celtic House Holdings and it was an honour to help them achieve the next stage in their development.”
Professional Advice
Hyett's team was supported throughout the process by JCP Solicitors. Natalie Jones, director and EOT specialist in JCP’s corporate and commercial team, said: “We are delighted to have been able to support Glyn and the team with the adoption of an employee ownership model for the group. The EOT will ensure that the culture of the Group is preserved and the group’s continued presence in Ceredigion. EOTs have grown in popularity in recent years as a practical and tax-efficient exit (capital gain exemptions) route - and this deal shows just how well the model can work when implemented with care. We wish Glyn and the team every success in this new chapter.”
BPU Accountants, with directors Nick Toye and Martin Knight, also advised on the financial aspects of the transaction.
