Prevista ownership passes into Employee Owned Trust
Prevista, a leading provider of government funded Apprenticeships, Traineeships, employment and youth programmes has passed into 100% employee ownership via an Employee Ownership Trust (EOT). James Clements Smith, Managing Director and the previous 100% shareholder in the Prevista group, recently completed the transaction. The Prevista group will now be 100% owned by a Trust governed by independent and staff trustees.
Islington headquartered Prevista is almost a quarter of a century old and has served its communities, across London and the South East, tirelessly over this period; assisting tens of thousands of disadvantaged young people & adults on their learning journey towards employment and self- employment and enabling them to progress in work, grow their businesses and improve their life prospects.
James was keen to ensure a legacy for the company and concluded that it was fitting to pass the company into employee ownership via a Trust, thus allowing employees a direct say in the destiny of the business. With the assistance of the Employee Ownership Association, the Prevista Board agreed that an employee owned model could result in better productivity, increased employee participation and a future for the company that builds on its values and successes to date.
James will stay on as Managing Director for a transition period, after which Executive Directors Salik Miah and Faye Thomas, will take up full executive authority.
The Prevista EOT will be overseen by a Board of Trustees, including an independent Chair, Jacqui Burke, who commented: ‘’Prevista has always focused on creating opportunities for people in the workplace so operating as an Employee Owned Trust is entirely consistent with our ethos and values. I am proud and excited to be invited to play a part in leading Prevista into the new decade.” The Trust will have employee representation and, in the first instance, Salik will take up this Directorship to represent all employees. Prevista will continue to be governed by an independent Board of Directors appointed by the Trust.
Faye commented: “I am delighted to have re-joined Prevista as Co Executive Director alongside Salik, we both welcome the move to an EOT, the timing is right in the current landscape and we both are confident that this will lead to even greater employee engagement and commitment, greater drive for innovation and improved business performance. We are excited to be leading this forward with our colleagues who will have a meaningful stake in the business and build on the strong foundations and reputation that James has created.’’
James will work with the Trust and employees to embed the new form of ownership, roll out the plan explaining how the structures and new business model will operate and how employees will interact in the new landscape. His focus will be on ensuring that employees understand the model and how the Trust operates for the benefit of all employees. James will also work with the Executive Team on Business Development and the strategic direction of Prevista.
Deb Oxley OBE, CEO of the Employee Ownership Association, said: “We congratulate Prevista on its transition to employee ownership. By widening ownership of the business to its employees Prevista 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 community it serves’’.