Ebac Millionaire John Elliot puts business in Trust

Ebac Millionaire John Elliot puts business in Trust to benefit community

This story made my day...

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.

www.thenorthernecho.co.uk...

I really hope that this starts a new trend of Trust foundations. Elliot, on BBC Look North, stated that his hope is that by reinvesting profits into the company, that it will expand and become an even bigger employer in the North-East over coming years. His daughter also expressed her hope that they can also use profits to expand and encourage more manufacturing in the region and thereby secure jobs for future generations, as well as supporting the community in other ways.

When so many entrepeneurs think selling out to the highest bidder to enjoy an early retirement, it is gratifying that Elliot is considering leaving a lasting legacy and protecting the jobs of those, without whose hard work, he would be nothing. I am deeply impressed.

Much of the welfare and care of which the UK sets such a high standard is thanks to the legacies of the Quakers who throughout the 19th and 20th centuries ensured that their workers, and the communities in which they were based, benefitted mutally from the success of the business in which they were all concerned. Names such as Cadbury, Rowntree and Unilever have left a lasting impression on social welfare in this country, however, they were not far sighted enough to sign the companies up themselves to Trust in order to ensure that those communities also had jobs. Elliot, I hope, will set a new precident, and I applaud him wholeheartedly.

reply to post by Biliverdin

Your threads never get much attention do they, even if there better then pretty much 80% of the other stuff on ATS. Just not enough cow bell I said before and say again, people like the cow bell. This thread needs more cowbell, and more hoopla, or maybe some of that doom and gloom, then it will really take off. Really a lot of your stuff belongs in a text book somewhere, or a more refined place then here, it can be a bit of a madhouse sometimes.

It's like you only hear about the doom and gloom of the world in this world. It seems to me that its constantly put in front of our faces and beat into our heads, day in and day out, and not only on ATS that for sure but pretty much all other communication mediums, and especially the media outlets. But all the good news and things of the world...Well you never hear about them or of them.

And if you never hear about them...Does that mean that they don't exist?

If a tree fall in the woods and nobody is around to hear it....Does it make a noise? Does it even exist if nobody is around to hear or see it....I think, all the good happening in the world should be making more noise, because in this word it seems the more noise you make, the more that says that you exist and that your right or the one and only thing going on....Right?

Anyways cool thread, S&F.

reply to post by galadofwarthethird


Haha...yes the bells and whistles that we discussed on my comet thread way back when in a previous incarnation of mine. Fortunately, as you know, I do everything purely for my own amusement, and attention is what I like least...so really it is all good and it all adds to my curve of learning.

Thanks for reading and appreciating my weltanschauung.