Member Article

Ebac millionaire donates company to charity

A local multi-millionaire has announced plans to give his company to a special foundation, which will be charged with ensuring manufacturing remains in the North East.

Ebac was founded in 1972 by John Elliott and specialises in dehumidifier design and patent technologies. The firm now employs more than 200 people at its plant in Newton Aycliffe, and has an annual turnover of £15 million.

Mr Elliott made the decision to create the Foundation to secure future investment in both the comapny and the region. He now hopes that a new Ebac factory will be created in the region within the next 3 years, in a move which will double Ebac’s workforce.

Mr Elliott said: “In the last 40 years I have been well paid doing what I think is the best job in the world.

“Now is the right time to put an end to my status as a ‘Rich List’ millionaire and create a lasting foundation to secure the future of Ebac’s manufacturing facilities for generations to come.

“The innovative approach that we have taken will also deliver substantial recurring sums for community initiatives and enshrine the business’ community ethos for the benefit of all.”

The new structure will be officially announced at an event attended by the former Trade Minister and CBI Director General, Lord Digby Jones. The Charter for the Foundation will be signed by John Elliott at a ceremony at Ebac’s factory in Newton Aycliffe, County Durham today.

Three trustees – John Elliott, Cliff Laverick and Paul Elliott (no relation) – will oversee the business at a strategic level; they will be joined by a community based trustee on a rolling three year basis.

The trustees are charged with using the profits to make the business stronger in the North East and also, to use any surpluses to support good causes in local communities.

John added “Ebac has proved to be a successful business and has given my family a substantial income for many years.

“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.

“The result will be a permanent manufacturing facility in the local area and sustainable manufacturing employment.”

Pamela Petty, John’s daughter and managing director of Ebac Limited said: “We have always believed the only way to have a world beating company is to keep reinvesting profits and try new ventures.

“This change in ownership won’t affect the day to day running of the business, or our employees but it will secure the future of our manufacturing base in County Durham, for many generations to come.

“It will also cement Ebac’s place at the heart of the community as an employer committed to the long term.

“All of this is more important than family wealth and the approach my father has taken is strongly endorsed by all his children.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .