John F Hunt Group has been sold to its staff under an Employee Ownership Trust.

The firm was founded in 1982 with a £5,000 bank loan by John Hall and has since grown to a business with more than 500 staff and a turnover of around £180m.

The deal involves 10 companies within the group, including its main London demolition and civils business, John F Hunt Ltd, as well as John F Hunt Regeneration along with several plant hire companies.

John Hall set up the business in 1982

The firm’s £55m turnover power business and generator distributor Morris Machinery are not included in the EOT, the firm said.

Hall, who turned 75 over the summer, said he had ruled out selling the business or breaking it up. “It would never have been straightforward, or an option I would have considered.”

He added: “Transitioning to employee ownership was the next natural step and I’m delighted that all the directors and staff have bought into the idea and been so supportive.

“EOTs are now a well-trodden and accepted path in continuing the success and growth of a business but the secret has to be maintaining the strength of the balance sheet and not to be greedy.”

>> See also: ‘Bid for everything, always haggle’: The life and times of John F Hunt’s John Hall

Finance director Ian Saville added: “Throughout the process we have actively engaged with our various stakeholders emphasising it is no change, business as usual and that the group’s strong balance sheet has not and will not weaken following the transition to the EOT. Furthermore, the importance of seeking experienced professional advice throughout the process was key to a successful and robust transaction.”

Among those working on the deal were accountant Crowe and legal firm Birketts.

John F Hunt – the F stands for Frederick – emerged out of the ashes of John F Hunt Ironworks which was set up in 1932 by his great grandfather.