London-based Montresor Legal Recruitment has transitioned to employee ownership by establishing an employee ownership trust (EOT).
The agency is now wholly owned by Montresor Employee Trustee, which holds the shares on behalf of its more than 20 employees.
Montresor appointed FRP Corporate Finance to design and implement the EOT model’s structure, share valuation and financial modelling, as well as provide tax advice. The organisation helped to create a profit-sharing model, where 50% of on-budget profits will be distributed among staff from the first year. The structure means employees will benefit straightaway, rather than after shareholders have been fully repaid the value of their shares.
The FRP Corporate Finance team was led by partner James Cooper and director Matt Field, and supported by assistant managers Lydia Kelsall, Cameron Robertson and Lucy Day.
Tom Balmer, founder of Montresor Legal, said: “Transitioning to an employee ownership trust is a significant milestone for Montresor, and we’re grateful for the support from the team at FRP in helping us achieve this. The structure of this deal, in particular adopting the profit-sharing model from the outset, recognises the efforts of our staff, and positions the firm as an employer of choice within the sector.”
Roger Barron, chair of Montresor’s newly formed employee ownership trust board, added: “Employee ownership aligns perfectly with the firm’s core values. We are delighted to offer our staff a direct financial stake in the firm from day one. This model reinforces our dedication to our team and the high-quality service we provide to our candidates and clients.”
