AN YSTRAD Mynach firm specialising in refrigerated van conversions has become employee-owned.

Following funding from the Development Bank of Wales, all 38 employees at Vantastec now form part of an employee ownership trust (EOT), with a 51 per cent stake in the business.

Vantastec was set up in 2006 by directors Colin Smith and Gareth Edwards and operates across the UK.

The company is currently expanding with a range of catering vans, including bespoke vehicles for meals on wheels.

Mr Edwards said: “Our team has been central to our success so we were keen to ensure that they have the opportunity to share in our future growth.

"The employee ownership trust model is a great way to retain staff, develop skills and ensure accountability for quality as we grow.

"It was the Development Bank that helped us in the early days of setting up the business and it is now thanks to their support that we’re able to look to the future knowing that we’re all a part of the Vantastec family.”

Development Bank of Wales senior investment executive Ruby Harcombe and investment executive Emily Jones said the EOT gives employees "a significant and meaningful" stake in the business.

They added: "It’s a great step forward for the directors and staff alike, underpinning greater employee engagement and keeping jobs in Wales in the longer-term should the directors choose to exit at a later date.”