The demerger of Stepnell sees brothers Tom and Edward Wakeford take over one part of the business and their cousins Mark and Richard Wakeford, also brothers, take over the other.
The Stepnell Construction business will continue operations under the management of Tom Wakeford as managing director. Property director Edward Wakeford will continue to manage the group property investment and development portfolio.
Meanwhile, Mark and Richard Wakeford will continue to be involved in the oversight of Evoenergy, Brackley Investments, Whitecross PFI contract and Aspen Retirement. Mark and Richard will remain involved within the construction industry, the family said.
Tom Wakeford said: “This is a totally amicable arrangement and has been part of a longer-term plan. It allows each director to follow their passions and particular interests. While the two groups will be entirely separate, we fully expect that there will be beneficial synergy to respond to common opportunities.”
Mark Wakeford said: “Over the past few years the two major shareholder groups have taken lead roles in different entities within the group of companies. This demerger will allow a greater focus on the businesses within the two new groups in the interests of adding the most appropriate value and support.
“Demerging a 150-year-old group has taken some time and the shareholders have worked hard to ensure that there are two strong and stable businesses. The result will be two new groups that can focus effectively on their customers within their given markets. All shareholders support the changes which have been cordially agreed.”
Stepnell Ltd turned over £105m in the year to March 2021 and made a pre-tax profit of £1.0m. In the same year, Stepnell Holdings Ltd turned over £108m and made a pre-tax profit of £2.4m.
The de-merger will come into effect at the end of April.