A surveying practice with offices in Leeds is transferring ownership of the company to its employees.
Trident Building Consultancy is a limited company and all shares have now passed to an Employee Ownership Trust (EOT).
Directors at the consultancy, which has over 90 staff, said it was “business as usual” with the existing management structure staying in place.
Employees will benefit from a greater say in how the company is operated and how available profits will be shared by employees every year.
Trevor Dowd, Trident’s MD and one of its founding partners, said: “We have been looking at various options for Trident’s future, looking for one that would benefit all our staff as well as one that secured our long-term success.
“We have put in place a succession plan that will see new generations at Trident continuing to support our existing clients and developing new ones based on our reputation long after myself and others have retired.
“We think the Employee Ownership Trust is the perfect solution and we are incredibly excited for the next chapter in the Trident story.
“The trust will be managed by five trustees, who will act on behalf of all employees. I genuinely believe this is an amazing opportunity for every employee to become a part owner of the company.”
Employee Ownership Trusts were introduced in the Finance Act 2014, with the aim of facilitating a shift towards “a John Lewis economy” so the employees of a firm receive some of the benefits normally enjoyed by private shareholders.
Executive director Daniel Roe added: “Trident has always been a people-centred business, so when we were looking at options for the future of the company, setting up an EOT was the obvious choice.
“It’s always been vital to us that our staff feel a strong sense of value and belonging, and the EOT is the most tangible and practical way of us demonstrating that.
“The move secures the Trident brand for the long term and moving forward it can be steered by the company’s most valuable asset – our people.”
Trident Building Consultancy was founded 24 years ago and has an £8m turnover. The practice has offices in London, Bristol, Birmingham, Leeds, Manchester, Liverpool, Dublin, Glasgow, and Edinburgh.
