Diagnostic services business Concepto Diagnostics has become majority owned after co-directors and co-owners Atal Malviya and Eileen Flatley transferred 51% ownership to an employee ownership trust (EOT).
Malviya and Flatley have retained ownership of 49% of the firm, which was recently valued as being worth £97.1 million. Throughout the process, the company was advised by employee ownership lawyers Robert Postlethwaite and Jo Cunningham of law firm Postlethwaite Solicitors.
According to the business, adopting the employee ownership model will increase the share of profits for its employees and will create an environment of inclusive growth led by all stakeholders. A group of trustees now hold the shares for the benefits of all staff who have at least 12 months’ service, and will act in what they believe are their best interests.
Malviya said: “From the outset, we have maintained a flat, non-hierarchical structure and valued our staff as family members striving for a common goal. With the EOT structure in place, they are not just going to be involved in the day-to-day operations, but will own the present and the future of Concepto.”
Flatley added: “At Concepto Diagnostics, we always put our staff and customers first. The transfer of ownership means staff have a vested interest in growing and developing our firm so we stay on top of our game, delivering the best service we can, to all of our customers.”
Postlethwaite, founder and managing director of Postlethwaite Solicitors, said: “We were delighted to help the team at Concepto Diagnostics become majority owners. As a healthcare business, they are dependent on their people for providing the patient confidence and efficient and effective service that are key to success. This makes employee ownership, by engaging staff in how the company operates and performs, a natural fit. We wish the Concepto team every success as employee-owners.”
