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A NORTH-EAST multi-millionaire is to put his business in a trust to pump profits into the local community – instead of passing on his £30m fortune to his children.
Mr Elliott, 68, said: “Instead of passing the business on to the family, I have decided to reject conventional thinking and create a structure that will ensure profits are used for long-term manufacturing investment.”
His daughters, Pamela Petty and Amanda Hird, are happy with the plan.
Mrs Petty said: “We will still do our jobs with the company, and it was never our expectation that we would take it on.”
The ownership of the company will be given to a trust, which will be directed to ensure that the firm - which has its HQ on Aycliffe Industrial Park - remains in County Durham, rather than relocate to cheaper eastern Europe, and will continue to help community groups, like West Auckland Football Club.