European law firm Fieldfisher has advised The Mary Knowles Homecare Partnership on establishing an employee trust, and the subscription by the trustee for 10% of the company's shares and arrangements to increase this.
Partner Graeme Nuttall, head of the Employee and Mutual Ownership team at Fieldfisher, and author of the Government report "Sharing Success: The Nuttall Review of Employee Ownership", led on the matter, assisted by associate Jennifer Martin.
On the 18 June 2013, The Mary Knowles Homecare Partnership Trustee held its first substantive board meeting and confirmed its directors as chairman David Chalk, an ex-Age Concern Enterprises director; managing director Peter King, of Kemble Care; registered manager Harriet Tombs and founder Dan Knowles.
David Chalk, Chairman said:
"There is no larger challenge facing our society than spiralling healthcare costs. The Mary Knowles Homecare Partnership exists to provide outstanding care to those that need it in their own homes. We believe that caring for people in their own homes delivers the best possible quality-of-life, and minimises costs to society (when compared for example to hospital or care homes).
Our key difference is that we have employee ownership. Because our carers and office team own the business together with its founder, Dan Knowles, and have a say in how it's run as well as a stake in its long-term success, we all have a vested interest in delivering the very best care in our industry. We are excited about the potential for this business model in the care industry."
Fieldfisher partner Graeme Nuttall added:
"We are delighted to have assisted with this healthcare start-up. We were impressed by the commitment to employee ownership using the employee benefit trust model, and by the quality of the trustee board and its support for Dan Knowles' vision. The employee ownership model has had great success in delivering home and community care via public service mutuals, and we are pleased to see this private sector initiative prepared to share success with all its staff from the outset."
Founder, Dan Knowles commented:
"We were delighted to be working with Fieldfisher on the setting up of the Employee Benefit Trust for the Mary Knowles Homecare Partnership. Their expertise in the field of employee ownership is second to none and we believe that working together we have set solid foundations for the growth and development of this exciting new employee owned business. Working with Graeme Nuttall and his team has been a rewarding experience and importantly we feel we have a business partner for the future that is just as passionate as we are about our future success."
Sign up to our email digest