The Stepnell Group is being split into separate construction, property management and property investment businesses.
The demerger will see shareholders Peter Wakeford and his sons Tom, Ed and David Wakeford each owning companies within the current Stepnell Group
Tom Wakeford will continue to lead Stepnell Ltd, the regional construction business with its existing leadership team, as well as Step Energy, the decarbonisation & renewables business.
Ed Wakeford will continue to lead the property and development business.
Their father Peter and brother David will retain property investments.
In a collective statement, the family said: 鈥淭he effect of the demerger will positively benefit current and potential clients providing clear leadership for each of the respective businesses and their employees.
鈥淥perating the group as independent businesses will enable us to be more agile to focus on our clients, boosting these robust businesses in our chosen markets 鈥� and creating greater potential for each business to expand, invest and further improve the offering to its clients and employees.
鈥淲e aim to conclude the demerger in January 2025; the businesses will continue to deliver for our clients and stakeholders as we transition into full demerger.鈥�
This latest demerger follows a restructuring in 2022 when Evoenergy, Brackley Investments, the Whitecross PFI contract and Aspen Retirement were hived off into the ownership of Mark and Richard Wakeford, cousins of Tom, Ed and David. [See previous report here.]
Got a story? Email news@theconstructionindex.co.uk
