As of today we are all part of the
‘Employee Participation Plan’
Across every shift, every yard, every office and every site — we keep the supply chain moving.
Make a difference, Feel the difference
But we do more than provide hired assets — we deliver something far greater: reliability, opportunity and real-world impact for the families and communities who rely on them. We are a vital cog in society.
Make a difference, feel the difference.
The It’s Hammer Time Program is founded on the principle that every employee has a stake in the success of the business. Over time, the success of the company will reward you beyond just your basic salary.
n Every employee participates in Dawsongroup’s value
As of today, we have set aside a portion of Dawsongroup’s future value in a shared pool
As Dawsongroup becomes more successful, the Pool value grows
*Notes: based on average employee. New joiners will receive smaller payouts. Payouts are not guaranteed and depend on achieving business goals as well as external market conditions and any payout shall be determined in accordance with the Plan. Employees must remain with Dawsongroup until payout event to receive payout.
n We are targeting average payouts from 6 months of salary upwards for all fulltime employees, before taxes*
n The longer you’ve been with Dawsongroup at exit, the bigger your payout will be
n There is no cost or risk, and the plan does not replace wages or benefits
n Payouts are expected in 5-7 years and could be more or less than the target
If you stay at the company until KKR sells, you could earn the equivalent of 50%* of your annual salary before taxes if we achieve our business plan.
For example, if someone earns £36k per annum their bonus would be £18,000 before tax.
*Notes: based on average employee. New joiners will receive smaller payouts. Payouts are not guaranteed and depend on achieving business goals as well as external market conditions and any payout shall be determined in accordance with the Plan. Employees must remain with Dawsongroup until payout event to receive payout.
OK Performance
~39k assets by 2031
Payouts 4 or fewer months of salary
Good Performance
~42k assets by 2031
Payouts 6 months of salary
Great Performance
~46k assets by 2031
Payouts 8 or more months of salary
*Notes: based on average employee. New joiners will receive smaller payouts. Payouts are not guaranteed and depend on achieving business goals as well as external market conditions and any payout shall be determined in accordance with the Plan. Employees must remain with Dawsongroup until payout event to receive payout.
Ask yourself:
“How can we do this better?”
Being a Brand Ambassador
Consciously helping to develop our increasing relevance to our customers, creating group opportunities.
Focus on Efficiency
Working within your teams to identify improvement on processes that save time and money.
Lucy, Branch Manager
n Issue: Manual damage checks were slow and unreliable.
n Fix: Switched to a digital checklist with photos.
n Result: Checks 30% faster / Fewer disputes / ~£25k saved yearly
Muhummad, truck and trailer sales
n Issue: Noticed a queue of trucks at his clients.
n Fix: Recommended they speak to tcs about a modular staging and docking solution.
n Result: Happy client and 5 year contract for tcs solution.
Think outside the box and speak up!
We call it Smarter Assets — but behind every smart solution is something even stronger: you.
Whether you’re preparing equipment, managing logistics, servicing clients or making strategic decisions — you are part of the machine that keeps everything working. And when each cog turns with purpose and pride, the whole system thrives.
Because we’re not just moving goods — we’re enabling life to run smoothly.
Every smarter asset we provide plays a role in getting essential items to shelves, homes and businesses, with the flexibility to ensure no bump or event stops industry. That’s purpose. That’s power. That’s the difference we make together.
And when we succeed — we all share in the reward.
Our collective performance drives value across the organisation — and that value is shared, from the ground up. From cleaners to yard workers to senior leadership, we all benefit when we pull in the same direction. Shared financial growth. Recognition that includes every role. Progress that supports everyone.
But success doesn’t happen by accident. It’s built one moment, one task, one decision at a time.
It starts with me
Every single one of us has the power to improve. It starts with a question: How can I do this better?
Faster, smarter, safer, more efficiently — every small improvement adds up to massive impact. That’s how we grow. That’s how we lead. That’s how we turn great into exceptional.
Look for the gains. Make the change. Own the result.
Because when we all commit to continuous improvement, when we each take responsibility for creating value — everyone wins.
But it all starts here, with how we treat each other.
Because we’re not just moving goods — we’re enabling life to run smoothly.
We are each other’s first customer - Make a difference, feel the difference.
When we deliver great service internally — with respect, support and collaboration — we set the standard for what we deliver externally. And when we do that consistently, we build something exceptional.
So keep showing up. Keep giving your best. Keep turning the gear next to yours — because what we build together moves more than just supply chains.
What changes will people see in practice following the roll-out of the Hammertime programme?
n More information on company performance at regular Employee Participation Plan updates
n Surveys and new communication channels that will collect and respond to your ideas
n Continued celebration of individual contributions
n Training to support your understanding of the Employee Participation Plan
Q. Who is KKR?
A. KKR is a leading global investment firm with deep investment experience, sophisticated processes aimed at growing and improving businesses, and a strong culture committed to teamwork. With a history spanning over four decades, KKR has established itself as a trusted partner for companies, management teams, and investors worldwide.
KKR became an owner of Dawsongroup (also referred to as the “Company”) in April 2025 and wishes to engage employees in the success of Dawsongroup and recognise your critical role in future growth by deploying this Plan, which is a unique opportunity for all to share the value we will create together.
Q. What is the Employee Participation Plan?
A. Through the Employee Participation Plan (also referred to as the “Plan”), every eligible employee of Dawsongroup and its subsidiaries (the “Company Group”) can share in the growth of Dawsongroup’s value over time and may receive payment when the Company experiences a “Payout Event” (see Q&A 4). With the Plan, eligible employees can share in the success of Dawsongroup.
Beyond the financial awards, Dawsongroup plans to further invest in employees through even more transparent communication about Company goals and performance, and by
This is intended to address frequently asked questions about the Employee Participation Plan (also referred to as the “Plan”). We encourage you to read this document carefully and reach out to your manager with any questions.
continually soliciting and responding to input from all team members on how we can continue to grow and improve.
We hope you share our excitement that the Company’s financial success will benefit all our Dawsongroup team members! This is an exciting time to be part of Dawsongroup, and we are so glad you are with us on this journey.
Q. How does the Plan work?
A. All eligible employees are automatically enrolled into the Plan. When there is a Payout Event, each eligible employee may receive a financial benefit in the form of a cash payment (the “Plan Payout”). Additionally, if the Company Group performs well against the value drivers and key performance indicators (“KPIs”) determined by Dawsongroup, eligible employees may also receive an interim Plan Payout.
But please note there is no guarantee that there will be a Plan Payout. Whether there will be a Plan Payout will depend on the future value of the Company Group.
Q. What is a “Payout Event”?
A. In general, a “Payout Event” is when the Company Group is wound-up, sold or listed on a stock exchange so as to become a public company, provided it achieves a certain valuation at that point.
Under certain circumstances, there may also be an interim Payout Event, if the Company Group has performed well against its KPIs, which may result in an interim Plan Payout.
Q. How much is the Plan Payout?
A. The total Plan Payout will be determined by several factors, including:
a. The total value of the Company Group at any Payout Event.
b. Your pre-tax base salary at the Plan Payout date.
c. How long you have worked for the Company Group (also referred to as the “Qualifying Period”).
The Plan Payout will be determined based on the above at the time of any Plan Payout by the Administrator, which means the member(s) of the Board of Directors of Devonshire Topco Limited (the indirect holding company of Dawsongroup) appointed by KKR and designated as an “Investor Director”.
Q. Why is the Company Group implementing and funding the Plan?
A. Dawsongroup’s management believes that all team members help build financial value for the organisation and their efforts in achieving this success should be recognised and rewarded.
This is fully supported by KKR, which for over forty years, has focused on the importance of creating value for their investors and their own employees. From the beginning, every KKR employee has had ownership in KKR. KKR believes this has been a real driver of their tremendous success by unlocking the power of every team member. This is a vision KKR has for all its investee companies and one which Dawsongroup shares.
The Plan will enable every eligible employee within the Company Group to share in the value created together as the Company Group grows. KKR has seen how this drives empowerment, improves employees’ lives through wealth creation and creates better business outcomes through higher employee engagement and an “owner’s mindset.”
This is a unique opportunity for you that is not offered by many employers and, moreover, you do not have any out-of-pocket cost since you have no financial contribution to make to participate in the Plan.
Q. This is exciting – when does the Plan start?
A. The Plan has an effective date of 1st of July 2025 (the “Effective Date”). That means that it takes into account employees’ length of service and the growth in value of the Company Group since the Effective Date.
Q. How do I enrol?
A. There is no enrollment process. Eligible employees (see more info below) are automatically included in the Plan.
Q. Do I have to pay to participate in the Plan?
A. No payment is required. Participation in the Plan is free to eligible employees.
Q. What is expected of me? How can I make a difference?
A. All employees have the ability to create positive change, which increases the Company Group’s value (and your Plan Payout). As such, we encourage you to think and act like an owner.
Dawsongroup has defined four levers to drive the Company Group’s value. We all need to work together to maximize the potential Plan Payout by:
a. Putting our customers first
b. Broadening our offering
c. Expanding our footprint
d. Maintaining cost control
Dawsongroup will share regular updates about progress against these drivers.
Q. Will I need to pay tax on the Plan Payout?
A. Yes, the Plan Payout will be subject to income tax, employee National Insurance contributions and any other tax-related items. We will provide more details on this closer to the Plan Payout date.
Q. Will I own shares in the Company?
A. No, this is NOT an equity or share program, but rather a cash payout based on the performance of the Company Group.
Q. When will I receive my Plan Payout?
A. The Plan Payout will be made as soon as practical after the applicable Payout Event. To receive the Plan Payout, eligible employees must still be employed with the Company Group on the day of actual payment (“Payment Date”) and not in their notice period, other than in certain limited circumstances.
Q. Who is eligible for the Plan?
A. All full-time and part-time employees of the Company Group (other than senior management eligible for the senior management incentive program) are eligible to participate in the Plan. Further, to be eligible to receive a Plan Payout, you must have been continuously employed with the Company Group for a period of at least one year prior to the Payout Event. And, finally, you must no longer be in a probationary period, and you must not have received or provided notice of termination of employment as of the Payment Date (other than in the exceptional circumstances described in Q&A 19).
Q. I am a consultant – am I eligible?
A. No.
Q. I am a part-time employee – am I eligible?
A. Yes, you are eligible if you are a part-time employee and otherwise eligible under the Plan. Your Plan Payout will reflect your parttime status during your Qualifying Period.
Q. I am a temporary employee – am I eligible?
A. Yes, you are eligible if you are a temporary employee and otherwise eligible under the Plan, provided you are still employed with the Company Group on the Payment Date. Per the general guidelines, your Plan Payout will reflect your Qualifying Period (i.e. how long you have worked for the Company Group).
Q. I am on maternity / paternity / parental / adoption / sick leave – am I eligible?
A. Yes, if you are a full-time or part-time employee and are in employment with the Company Group on the Payment Date, provided you are otherwise eligible under the Plan. The time spent while on maternity / paternity / parental / adoption / sick leave will count towards your Qualifying Period.
Q. What if I leave the Company Group before the Payment Date, will I still receive the Plan Payout?
A. No, your participation in the Plan will end when you terminate employment for any reason. You will no longer be eligible for a Plan Payout.
The Administrator may make exceptions, such as for employees who leave due to retirement. In that case, the Qualifying Period will reflect the number of years you have worked for the Company Group prior to your retirement.
Q. Does this impact my existing compensation or benefits programs?
A. No, the Plan is separate from and will not affect existing compensation or benefit programs.
The Plan is an additional discretionary program that is designed to help eligible employees of the Company Group create wealth by being positive contributors to the growth of the Company Group. As such, any Plan Payout is not part of your normal or expected compensation for any purpose, including, for example, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, longservice awards, pension or retirement benefits or similar mandatory payments.
Q. If I have questions about the Dawsongroup Employee Participation Plan, where should I go?
A. If you have questions, please reach out to your manager directly or you can contact the Employee Participation Plan email epp@dawsongroup.co.uk
None of the contents of this document are intended to represent an actual transfer of equity nor constitute an offer or invitation to purchase shares in the Company. The settling of the Employee Participation Plan (also referred to as the “Plan”) is subject to continued employment through Exit (as defined in the Plan) and is subject to all tax deductions. Participation in the Plan is subject to the terms provided for in separate documentation.