The demerger of the construction, property and solar, care and retirement interests will essentially be split between the two main shareholder groups.
Sons of veteran director Peter Wakeford will take on property and construction, while the sons of now-deceased brother Robert Wakeford will take on a group of investment, solar energy and retirement living operations.
(L-R) Tom and Edward to run construction and property; Mark and Richard take on mix of Stepnell companies
Tom Wakeford, presently co-managing director at Stepnell, will run Stepnell Construction as sole managing director.
His brother Edward Wakeford will continue to manage the group property investment and development portfolio.
Their cousins, Mark Wakefield, presently group co-managing director, and his director brother Richard Wakeford, will oversee the Evoenergy, Brackley Investments, Whitecross PFI contract and Aspen Retirement.
Mark and Richard will remain involved within the construction industry.
Tom Wakeford said that now the future direction and policy for the management of each of the separate groups of businesses will be determined by their respective directors and shareholders to enable those businesses to flourish, develop and adapt.
He said: “This is a totally amicable arrangement and has been part of a longer-term plan.
“It allows each director to follow their passions and particular interests. While the two groups will be entirely separate, we fully expect that there will be beneficial synergy to respond to common opportunities.”
Mark Wakeford said: “Over the past few years the two major shareholder groups have taken lead roles in different entities within the group of companies.
“This demerger will allow a greater focus on the businesses within the two new groups in the interests of adding the most appropriate value and support.
“Demerging a 150-year-old group has taken some time and the shareholders have worked hard to ensure that there are two strong and stable businesses.
“The result will be two new groups that can focus effectively on their customers within their given markets. All shareholders support the changes which have been cordially agreed.”
The de-merger will come into effect at the end of April.