Irish demolition company McGee Group becomes employee owned
MCGEE Group, a London-based, Irish-founded and owned demolition firm that has worked on many landmark and well-known buildings there, has become an employee-owned company.
The firm, which was founded in 1959 by Longford native Tom McGee, had revenues of €112m (£100m) and a profit of £8.37m in its most recent accounts for 2018.
It has worked on some of the city’s biggest construction projects, including the Lloyd’s building, the British Library, Heathrow and Gatwick airports, Harrod’s, Tate Britain, Wimbledon, several tube stations and Battersea Power Station.
For the five-star Claridge’s Hotel — to whose owners developer Paddy McKillen is a consultant — the firm worked 24 hours a day on an award-winning so-called iceberg basement, creating 65,000 sq ft of additional space containing a spa, swimming pool, wine cellar and other facilities.
Extending five storeys underneath the existing grade-two listed building, it has been acclaimed around the world as a considerable feat of engineering, having been overseen by Donegal man Jim Mackey and his daughter Michelle.
McGee Group said there will be no change to how it operates day to day.
“This secures the future of the business, continuing the legacy that our father started in 1959, and rewards our employees who have made the business the success it is today,” said chairman Brian McGee.
The McGee family will continue to support the business. Tom McGee — the third generation of the family — has joined the company board.
“At this time of crisis in the industry, our transition to employee ownership will serve as fuel for our business and will help enable us to emerge stronger,” said managing director Seb Fossey.
Every employee of the business with at least a year’s continuous employment has become a beneficiary of the new employee-owned trust.
A new bonus scheme, linked to the profit of a group holding company, will see employees eligible to receive a bonus of up to £3,600.