BDC

Search
BDC Magazine

readie construction

Readie achieves the BSI Kitemark™ for Building Information Modelling (BIM) in accordance with ISO 19650-1 & 2

Readie Construction Ltd is extremely proud to be amongst the firstto have achieved the BSI Kitemark for Building Information Modelling (BIM), in respect of BS ISO 19650 – 1 & 2:2018 Building Information Modelling. This certification demonstrates Readie’s ongoing commitment to the deployment and implementation of BIM in-line with international

Read More »

Latest Issue

BDC 318 : Jul 2024

readie construction

Readie Construction Ltd Becomes the Largest Employee-Owned Construction Business in the UK

The shareholders at Readie are selling all shares to an Employee Ownership Trust (EOT) Shareholders selling their business to an EOT are exempt from capital gains tax Business will be operated for the benefit of all employees The basic premise of an EOT is that it operates the business successfully, for the benefit of all employees Being owned by an EOT will enable tax free bonuses of up to £3,600 to be paid to all eligible employees Eligible employee criteria is simply completion of one year’s employment Transaction completed without external debt/finance The selling shareholders have agreed to defer payments for their shares to enable the shares to be purchased from future profits of the business Management buy outs are normally externally financed with funding from banks, venture capitalists or private equity. Usually involving the management giving up some degree of control with new board members representing third party investors. There would also be significant interest and loan repayments for the business to service In this case the transfer of ownership will be funded from future company earnings enabling the business to be sold without any external debt or finance Existing management team continues Strategic direction of business is unaltered One of the strengths of the management team at Readie has always been the ability to take the long-term view for the benefit of the business, this will naturally fit with the new ownership structure The high-level strategy for some time has been continuing, sustainable growth to create career opportunities for our valued staff, this approach will continue Our clients, clients consultants and our supply chain partners will continue to see the same consistent, positive, pro-active approach to our projects What is an EOT Introduced in 2014, an EOT is a from of Employee Benefit Trust which holds shareholding in the company on trust for the benefit of all employees. An EOT provides indirect (trust) employee ownership of the company Employee owned businesses achieve higher productivity and greater levels of innovation and are more resilient to economic turbulence. They also have more engaged, more fulfilled and less stressed workforces. There are also employee retention and recruitment benefits Further Information Readie is the largest employee owned construction business in the UK Readie is the 11th largest employee owned business in the UK Financial and Tax Advice was provided by FRP Advisory Legal advice was provided by Birketts Quote from Stuart Read, Chairman at Readie: Many of our staff have been with Readie throughout our rapid growth, the transition to employee ownership was the logical next step in the development of the company. The creation of an EOT enables us to preserve the legacy of the Readie brand and will help cement our status as a leading contractor in the Industrial & Logistics sector. This change safeguards the future of Readie for the benefit of its future leaders and employees, the transition to EOT status acknowledges their contribution to the company’s success and gives all employees an opportunity to share in its continuing success. By creating an ownership culture we can more effectively incentivise the employees and continue to deliver sustainable growth. Quote from Paul Stephens, Managing Director at Readie: The business has continually shown that it is truly committed to stability & growth. Key to our staff and our clients is maintaining continuity of the management team. To have the best team around me in the Industrial & Logistics sector and move into employee ownership is truly exciting. This change will provide career development and progression opportunities for all of our employees, this has been key to our success so far. Quote from Jon Dodge, Corporate Finance Partner at FRP Advisory: This transaction is an important milestone in the exciting story of Readie and we look forward to watching the continued growth and success of the business under its new ownership model. The growth in employee ownership as a sustainable business model has accelerated in recent months and is playing an important role in supporting already successful firms, preserving their cultures while providing viable and structured exit routes for those who have spent years building them. Quote from Lisa Hayward, Head of Employee Incentives at Birketts: For companies like Readie who want to safeguard the legacy created by its workforce, employee ownership offers a unique chance to reward those who helped build the organisation from the ground up. We have no doubts that moving to an employee ownership trust will boost job satisfaction and employee wellbeing amongst the Readie workforce – no small feat in the wake of an uncertain year for business.

Read More »

Readie achieves the BSI Kitemark™ for Building Information Modelling (BIM) in accordance with ISO 19650-1 & 2

Readie Construction Ltd is extremely proud to be amongst the firstto have achieved the BSI Kitemark for Building Information Modelling (BIM), in respect of BS ISO 19650 – 1 & 2:2018 Building Information Modelling. This certification demonstrates Readie’s ongoing commitment to the deployment and implementation of BIM in-line with international standards. Readie aims to use BIM to assess the design and constructions risk and buildability using the information management processes defined by BIM. This will provide clients with; satisfaction from project inception right through to completion; transparency within the design and construction process and safety assurance. Ultimately, Readie plans to use BIM principles on all projects, regardless of contract specification. ISO 19650 is a suite of international standards, brought together through the UK BIM Framework, that covers the use of BIM for the management of information over the whole life cycle of a built asset. It is closely aligned with the 1192 standards and contain many of the same principles and high-level requirements that were present in the previous BIM Level 2 framework. The standard relates to the organisation and digitisation of information on buildings and civil engineering works, including building information modelling. Readie is proud to have achieved two variants of ISO 19650 (1 & 2). ISO 119650 – 1:2018 covers the concepts and principles, whilst ISO 19650 – 2:2018 relates to the delivering phase of the assets.   Typically, to achieve the certification, an onsite audit would be conducted from a BSI expert. However, due to COVID-19 restrictions, the audit was subsequently conducted by BSI remotely, and involved a thorough assessment of Readie’s BIM processes, filing systems and supply chain management, ensuring that it all aligned in accordance to ISO standards. Judson Stone, Design & BIM Manager, Readie Construction Ltd said: “Achieving the BSI Kitemark for BIM underlines Readie’s continued commitment to the use of BIM and its processes on our projects. At its heart; BIM encourages a collaborative working environment for the whole project team and provides our clients with an information-rich model from which they can manage their built assets. Whilst the 3D representations of buildings get the headlines when referring to BIM; ultimately, it’s the centralised, open sharing of information that’s the key driver on BIM projects. This certification shows our clients, partners and supply chain that we are actively embracing, and committed to, digital construction and believe in its benefits; not only in terms of collaboration but also in assisting with the development of the design, assessing risk and achieving capital cost savings on our projects.” Andy Butterfield, Managing Director of Built Environment at BSI said: “Huge congratulations to Readie on achieving the BSI Kitemark to reflect ISO 19650 parts 1 and 2. This demonstrates a commitment to best practice and gives their clients’ confidence that they are working with partners at the highest possible standard. These international standards, alongside training and certification, are providing forward-thinking organizations with the tools to help future-proof their business” About Readie Construction Ltd: Readie Construction commenced trading in 2008 and has grown to become a £200m turnover main contractor, specialising in the Industrial, Logistics, Retail Park and related sectors. Privately owned, Readie is managed by its shareholders, a dynamic team with a wealth of experience in the sector. Turnover and profit have grown every year, with the business always trading without any debt or overdraft. www.readieconstruction.co.uk

Read More »