OWNERSHIP of County Durham wall and floor company CA Group has been transferred to an employee-managed trust after the retirement of its founder.

The company, one of the 50 fastest-growing businesses in the North-East, has become an Employee Benefit Trust to ensure the business will maintain its ethos and independence.

The decision was taken by founder and managing director Henry Agnew, who is retiring.

CA - a £60m business employing 260 people - will now be managed by the board and overseen by independent trustees.

Mr Agnew said: "Now that I have decided to retire I wanted to say thank you to all those people who have worked so hard to make CA Group the success it is today.

"I also wanted to ensure that the business continues to grow and thrive in its current form, with its independence and culture protected.

"I believe this culture and the tremendous relationship we have with our customers and suppliers is at the heart of our success."

The group has recently completed a £4.5m 3,600sq metre plant in Evenwood to help the business to grow.

CA was advised by PricewaterhouseCoopers and law firm Ward Hadaway.