IT and business services firm Agilisys has launched an employee ownership trust.
Through the trust, Agilisys’ 1,800 staff now own a majority shareholding (50%) in the firm.
The move forms part of Agilisys’ plans to evolve the business.
Employees in an employee-ownership trust organisation can receive income tax free bonuses of up to £3,600 per tax year.
A team from law firm Fieldfisher, led by partner Graeme Nuttall OBE, advised Agilisys on the introduction of majority employee ownership.
Charles Mindenhall, chairman and one of the founders of Agilisys, said: “I am delighted that we have created the Agilisys employee ownership trust and that the majority of the business is now owned by the trust for the benefit of colleagues.
“I believe that by introducing significant employee ownership it will provide an exciting structure for the continued growth of Agilisys, which is strongly consistent with and a natural extension to the collaborative culture and principles that are in place within the Agilisys Group.”
Graeme Nuttall OBE, partner at Fieldfisher, added: “Agilisys shows that employee ownership works in large businesses. It also shows how employee ownership can help bring further growth to an already successful business.
“Employee ownership enhances and sustains employee engagement by providing all staff with a significant and meaningful stake in their organisation”.