Elland-headquartered acceptcards® has become employee owned, with all shares transferring to an Employee Ownership Trust (EOT).
The business, founded by CEO Richard Bradley in 2005, is an independent payments broker providing bespoke advice and payment solutions working alongside some of the biggest names in financial services including Handelsbanken, Metro Bank, Square, Barclaycard, Clover, Lloyds Cardnet and WorldPay.
In a transaction understood to be the first of its kind in the UK payments sector, the EOT will see the 14 employees take ownership of the firm. Staff members David Mills, Jo Kava and Sheenah Bond will become trustee directors.
Richard Bradley, CEO of acceptcards®, will remain in his position and expects to do so for at least six further years. He said: “This is the natural next step for our business and a really exciting time in the history of acceptcards®. The business has secured continuous year-on-year growth, which has only been possible because of the hard work and dedication of everybody working here.
“Transferring to an EOT gives our team much-deserved recognition and autonomy after being pivotal to our success to date. I’m proud that we have a long established, settled team who have welcomed the opportunity to become an EOT with open arms.”
The EOT means that employees will acquire the business, which is held in trust, and will see them have direct involvement in strategy and benefit from future growth. EOTs were launched in 2014. As of June 2023, the total number of employee-owned businesses in the UK stood at 1,418 – a 37% growth in a 12 month period.
acceptcards® decision to become employee-owned comes seven years after the business launched a profit share scheme for its employees, enabling staff members to directly benefit from the success of the firm. Bradley added: “We’ve invested time and energy into making sure we have an amazing working culture at acceptcards®.
“It’s a brilliant feeling to pass on the stewardship to the team as a collective, as I know they embody our ethos of a business which prides itself on delivering the very best service while at the forefront of innovation for the payments sector.”
Advisors on the EOT transaction were Justin Smith of Kirk Newsholme and Ewan Hall of Baxendale Employee Ownership.
acceptcards® projects a three-fold increase in turnover in the next three years, and in that time expects to hire a further six people.
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