EOA welcomes Richmond and Towers move to 100% EO
Richmond & Towers, the UK’s longest established public relations consultancy, is now 100% owned by its employees following its sale to a newly created employee ownership trust.
“This is a very exciting day for our business,” commented chief executive Nikki Thomson. “We think we are the first Top 150 PR agency to be 100% employee owned, reflecting the pioneering attitude that has kept the business successful for so long.”
The last two years have seen numerous award wins and significant business growth for Richmond & Towers, with the addition of McVitie’s, Pukka, Estrella Damm, Westons and Galderma to its roster. All R&T employees are now beneficiaries of the Suzanne Richmond & Marjorie Towers Employee Ownership Trust, named in honour of the business’s 1930 founders.
“We believe employee ownership is the right model for a forward-looking company like ours, where so much is dependent on our people as individuals and the way they work together as a team,” said Thomson.
“Rather than working for a small number of shareholders, everyone at R&T is now working for themselves and for each other. We are sure that our clients will see the benefit of this approach too. All the comments that we have said so far are incredibly positive.”
Following the sale, former CEO Rob Metcalfe has taken on the role of chairman while Nikki Thomson becomes chief executive and Matt de Leon is promoted to managing director. Said de Leon: “We are a growing business, focused on delivering brilliant results for our clients. It’s right that everyone at R&T should share in our future success. ”
Known for its long-term specialism on food and drink – and pioneering work to promote plant-based eating in the UK – R&T expanded its offering with the acquisition of Van Communications in 2014. As well as a large fmcg portfolio, it now also works for clients in insurance, retail, leisure, fashion, beauty, energy and the built environment.
Added Deb Oxley OBE, CEO of the Employee Ownership Association: “We congratulate Richmond & Towers on its transition to employee ownership. By widening ownership of the business to its employees Richmond & Towers is securing the future of the business, including its ethos, values and employees, while rooting itself locally for the longer term to the benefit of the communities which it serves.”
Advisors on the sale included Moore Kingston Smith, Simons Muirhead & Burton, Freeths and Jurit.