In 1954, the family gave their entire shareholding to a trust for the benefit of employees. This employee benefit trust (EBT) was intended and is structured to achieve two main purposes.
First, to keep J.T. Dove Ltd as a successful, independent, builders’ merchant based in the North East, preserving local, long-term employment for the staff. Under this arrangement, the Trustees of the EBT are the shareholders rather than private individuals or companies seeking to profit from ownership. The company Directors are appointed by and accountable to the Trustees. The terms of the Trust very heavily restrict the chance of the company being sold to a competitor, to such an extent that there is no realistic possibility of such a sale and thus again employment is secured.
Secondly, and very importantly, the EBT operates an employee profit share scheme giving employees an annual payment based upon the profits for the financial year. This gives employees a direct stake in the success of the business of the company.