Chester-based Oliver and Co Solicitors has become employee owned, with its 85 members of staff now owning 100% of the business through an employee ownership trust.
Members of staff will be eligible to own a stake in the firm and enjoy an equal share of the profits after working in their roles for six months.
Oliver and Co’s former owners David Owen and Kay Cook opted to remain in senior positions. They stated that, as they aim to prioritise happiness and positivity among the workforce, employee ownership was a natural progression, and one that would ensure the business has a future.
Owen said: “By selling the business to our employees we can retain that special culture and secure the business for the future. And our clients will benefit too, because if our people are happy, that is reflected in the fantastic service we give to our clients.”
Cook added: “Employee owned businesses tend to see higher levels of profitability and productivity, along with improved employee and customer satisfaction. Employee owned organisations excel in engaging employees, who in turn drive performance and innovation. We’ve always encouraged colleagues to make suggestions and contribute to the way the business is run. Becoming employee owned takes that a step further and gives our people a stake in the business and an equal share in our profits, no matter what their role or seniority.”
James de le Vingne, chief executive of the Employee Ownership Association, said: “We congratulate our members Oliver and Co Solicitors on its transition to employee ownership; securing the ethos, values, and culture of the business, as well as rooting jobs in Chester. Businesses that give employees a stake and a say build trust and shared responsibility, uniting leaders and employees behind a common purpose, and leaving businesses in a better position to flex and adapt.”
