North east England-based IT firm Transcendit has become an employee-owned organisation following the establishment of an employee ownership trust (EOT), Transcendit EOT.
Directors Dick Davies, Tom Tinsley, Adam Kuznesof, Dave Scott and Lee Irving stated that they were apprehensive about selling the business to a third party and had concerns about the potential risk to Transcendit’s reputation, as well as employees’ jobs potentially being put at risk if it was sold.
They felt employee ownership aligned with Transcendit’s ethos and culture and would ensure the easiest transition for clients and staff, changing very little while continuing their intention of solidifying the firm’s longevity and stability. The decision to sign the firm over was made to ensure that employees and customers’ needs are continued to be put first once the current directors retire.
Through the EOT, Transcendit staff will have more influence in business decisions, greater succession opportunities, and receive financial benefits, including up to £3,600 annually as a tax-free bonus.
The organisation has also established regular council meetings for employees, where an elected member of the team will give feedback, suggestions and concerns to the board to ensure their views are represented. Business support manager Helen Littlewood was elected by the employees as the firm’s first employee trustee director.
Dave Scott, co-director of Transcendit, said: “We’re incredibly proud of the organisation that we’ve built with our employees and customers, as well as the values that Transcendit has been built on. We believe we’ve created a great business, and we think this will help Transcendit continue being a great business.”
Adam Kuznesof, co-director of Transcendit, added: “We’re pleased to announce that Transcendit has moved into employee ownership, and believe that this decision will be enormously beneficial for our current and future employees.”
