International recruitment firm Damia Group is now 100% employee owned, following on from introducing an Employee Ownership Trust (EOT).
The 15 employees at Damia Group now control 100% of the shares within the business that is headquartered in Guildford and has offices in Edinburgh and Portugal.
The business established the EOT to reward its employees who have been established at the business for 25 years. Damia Group believes that this is the key to engaging and retaining employees for the long term.
The EOT implementation, announced in August 2020, was advised by, BoardroomAdvisors.co and law firm Stephens Scown, and was advised on the tax and financial aspects by Price Bailey.
Chris Bardoe, founder at Damia Group, said: “Many of our team have worked for us for a long time, and some of them have been with us since the business was established in 1995. Employee ownership roots these jobs in the region for the longer term.”
“This marks an exciting new chapter for Damia Group. Employee owned businesses tend to excel in engaging employees, who in turn drive performance, innovation and service excellence, with the opportunity to share in the wealth they create. As well as rewarding our existing team and giving them the opportunity to shape the future of the business, we hope employee ownership allows us to attract even more talented new recruits to help us grow the business.”