Field Fisher Waterhouse LLP has advised Marine Engineering Partnership Limited (MEPSHIP) on becoming an employee owned company.
MEPSHIP provides engineering consultancy services to the offshore and sub-sea industry. The company has experience in both the design and operation of installation equipment for the offshore renewables, oil & gas and telecoms industries.
Employee ownership and mutuals partner Graeme Nuttall led on the project and was assisted by associate Jennifer Martin. The team advised on the creation of an Employee Benefit Trust and arranged for all the shares in the company to become owned by its trustee.
Magnus Campbell, Director of Marine Engineering Partnership Limited said:
“The establishment of this trust means that we are a 100% employee-owned organisation, held in trust for the benefit of employees, both now and in the future. The core purpose of the trust arrangement is to create an egalitarian and equitable working environment to attract and retain the very best engineering talent. This in turn provides MEPSHIP with the capability to provide consistent and reliable high quality engineering consultancy services to our clients for the long term."
Partner Graeme Nuttall said:
"We are delighted to have worked with MEPSHIP. All employees, no matter how senior or junior, have a stake in the business and will share in its success for the long term. Employee ownership works well at all stages of the business lifecycle and across all sectors. MEPSHIP shows how the Energy and Natural Resources sector and new, growing businesses generally can benefit from employee ownership."
Fieldfisher is a leader in the field of employee ownership with a long history of helping to develop the employee ownership business model. Graeme Nuttall was appointed in 2012 as the Government's independent adviser on employee ownership to examine how to promote employee ownership in the private sector and spread the benefits into the wider economy. His recommendations were presented to the Government in his report, "Sharing Success - The Nuttall Review of Employee Ownership". These recommendations were endorsed by the Government and an action plan to implement them is underway.
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