Interior design organisation Claremont has given its employees part-ownership of the business through an employee ownership trust (EOT).
Following the transition, 50.1% of Claremont's shares will be held in the EOT, to give employees with more than a year's service the opportunity to control shares in the business. The organisation made the move in order to reward the efforts and contributions of its employees.
The remaining 49.9% of shares will stay with the board, including Claremont’s directors Matt Riley, Richard Brook, Patrick Ames and Natalie Davies. The organisation has also appointed a separate board to ensure that the new EOT supports employees in the best way possible.
Tim Frankland, managing director at Claremont, said: “Throughout our history, we have always been a people-orientated organisation, so becoming an EOT now is the perfect way to embody our values and recognise the contribution of our talented team.
“The decision was also borne out of considering how to protect the stability and longevity of the organisation as some directors plan their exits, without the need for a management buyout (MBO) or the possibility of being acquired by a bigger player. This way, Claremont remains in the hands of the staff that have helped make it what it is today.”
