EOA congratulates Postlethwaite Solicitors as it advises 100th client to transition to an Employee Ownership Trust
The Employee Ownership Association (EOA) congratulates Postlethwaite Solicitors, a national practice specialising in employee ownership, after it recently advised its 100th client to become owned by an Employee Ownership Trust (EOT).
Employee ownership in the UK continues to grow at pace and there are now more than 1,000 employee-owned businesses.
The fast pace of growth amongst businesses has taken off with the use of the EOT, introduced by the government in 2014 to encourage long-term employee ownership, and one in every 20 private company sales is now to an EOT.
In most cases, the EOT will have acquired the company from its founders, providing both succession and a strong platform for continued success.
Robert Postlethwaite, Postlethwaite’s Managing Director and a member of the EOA Membership Council, said: “Employee ownership is now part of the mainstream. We have come a very long way in recent years, from it being seen (with a few notable exceptions) as a pretty out-there business structure to something compelling, powerful and achievable.
“Many businesses are now actively embracing a change in culture which recognises that EO, by channelling employees’ know-how, giving them a voice and then greater rewards for success, is key.
“And, through organisations like the Employee Ownership Association, there is a wealth of practical knowledge about how to do this”
‘Thriving under employee ownership’
The London-based solicitors, which is part of the EOA’s network of specialist advisors, specialises in employee ownership and employee share schemes.
Since 2003, its focus has been on helping clients find the approach and structure that is right for them and then assist with putting it in place.
“Our core purpose has always been to help businesses thrive by providing their key wealth creators – their employees – a stake in success,” Robert added.
“Although the EOT is not the only way to create employee ownership, its growth in popularity is testament to how well it works. We are so proud of all the work involved over the years to have reached the milestone of advising our 100th EOT client, almost 10% of the total EO sector.
“We derive immense satisfaction from seeing our clients, their people and founders thrive under employee ownership. Although ‘world beating’ is sometimes a misused phrase, it is a fair description of the UK’s approach to employee ownership, and is something of which we can all be justly proud.
“The exciting thing is that there are over 250,000 SMEs in the UK with 10 or more employees, so as a country we have so far only scratched the surface.”
For further information visit its website at: http://www.postlethwaiteco.com