Leading Channel Islands construction, development and investment group Garenne is making changes to its business model.
The move towards an investment-based model will reduce group executive involvement and will ultimately place ownership more directly into the hands of the senior directors of many of our trading companies.
Negotiations have begun with some of those key business leaders to bring this to fruition.
It is anticipated that this complex process, a form of management buyout, will take some time but, when completed, will result in fewer shareholders at group level with more shareholders in each trading company.
This change in approach has been brought about by the retirement of two key executives and retirement planning for the principal shareholder.
Ongoing negotiation process
Several agreements are in the final negotiation stage, and more announcements will be made when they are complete, at which stage negotiations with the remaining companies will be started.
There are 13 Garenne Group companies, including RG Falla, Camerons, AFM in Guernsey and Jersey, and Geomarine and the Rabeys garages in both Channel Islands.
Business as usual
It is anticipated that the individual companies will continue to trade as usual with no changes to our senior personnel, headquarters or business locations.
Stuart Falla, Garenne Group comments:
‘This restructuring is another key milestone in our 39-year history and will give the directors of these companies a fantastic opportunity to grow and develop the markets within which they operate.
‘Each company is market-leading and goes into the future with a very solid foundation for growth. So, it’s an ideal time to make these changes to ensure the sustained success of the organisations, leaving them in the hands of those people who have helped to build them.
‘The commitment to Garenne’s values will remain as strong as ever, and we will remain supportive of our respective communities and local charities.’