Recruitment consultancy firm Totum has transitioned to an employee ownership trust (EOT) in order to empower its people and secure its long-term vision.
As part of the sale, 100% of the organisation’s share capital was sold into an EOT to benefit its current and future employees.
Totum’s founders Tim Skipper, Deborah Gray and Gary Jones, who remain active in the organisation, decided to transition to an EOT model as a natural extension of its people-first culture. The aim of it is to support long-term planning for the next generation of leaders, with responsibilities gradually transferring over time to ensure continuity for employees and clients.
Birketts provided comprehensive legal guidance on structure while Totum navigated the complexities of the transaction. The Birketts team was led by Lisa Hayward, partner, head of employee incentives, and Laura Gray, corporate. They were supported by Rebecca Hughes, employment, Olivia Sherman and Freya Palmer, both from the employee incentives team.
By adopting an EOT, Totum aims to protect the independence, culture and quality of its service. It also wanted to place the business in the hands of the people who have helped to make it a success: its employees.
Skipper said: “We were fortunate to be recommended to use Birketts by a fellow recruitment business owner who transitioned to an EOT two years ago. From start to finish, the team worked seamlessly on the transaction.”
Hayward added: “Transitioning to employee ownership is such a powerful step and it speaks volumes about [Totum’s] commitment to [its] people and the future of [its] business. We firmly believe that the business will continue to thrive in this new chapter.”
