Cleanzine: your weekly cleaning and hygiene industry newsletter 18th April 2024 Issue no. 1110
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Principle announces move to employee ownership
Principle Cleaning Services has announced that it is transferring the majority of its shares to its 2,300 employees through the creation of an Employee Ownership Trust.
The company, which was founded by Douglas Cooke in 1989, has secured its long term future, enabling it to continue building its legacy, whilst creating an effective platform for growth and retaining its position as one of the industry's leading independent businesses.
All of its employees, whether full or part-time, are included in the transaction and will benefit from future profit sharing.
Principle's people and clients are at the heart of the business. Its clients will continue to receive the same level of service excellence and the company's board, management team and account managers will remain unchanged.
"This is a fantastic transaction, which preserves the legacy of the company I founded over 30 years ago and places the future development of Principle in the hands of our 2,300 staff who are our most important asset, many of whom have long service with Principle including some with over 25 years,"
Douglas, who is currently executive chairman. "To have been able to include our people in the ownership of the business gives me immense pride and will, I am certain, ensure its stability and prosperity for many years to come."
Principle Cleaning Services has an annual turnover of £70m-plus and its clients include well-known landmarks such as The Shard, 20 Fenchurch Street and 30 St Mary Axe.
11th May 2023