A team from Fieldfisher lead by partner Graeme Nuttall OBE has advised Laurus Development Limited ("Laurus Development") on the adoption of the employee-ownership business model. Laurus Development, which emerged from a former joint venture between five Probation Trusts in the North West of England, provides qualification and learning programmes for the justice sector. Laurus Development was the first such public probation sector body in the UK to move into the private sector and is believed to be the first to introduce employee-ownership.
Fieldfisher has supported Laurus Development in its progress into the private sector and to employee ownership since 2013 and is delighted that 25% of the company is now owned through an employee trust on behalf of all Laurus Development's employees.
Other members of the Fieldfisher team included partners Neil Palmer and James Warren, senior associate, Jennifer Martin and company secretary, Simon Haynes.
Graeme Nuttall OBE commented:
"There is a tremendous momentum to the growth of the employee ownership sector. Laurus Development is not alone in realising that involving all employees as owners is a great way to grow a business. Companies with employee ownership have a track record of greater innovation. This makes sense. If all employees have an ownership stake, everyone working in the business has an interest in growing that business, not just the founders."
Saleha Wadee, CEO and co-founder of Laurus Development, commented:
"I am delighted at achieving our vision for Laurus Development of involving all staff as owners through an employee trust. The business is developing at a fast pace with high levels of employee engagement. Graeme Nuttall and the Fieldfisher team have provided a strong sounding board and advice on our journey to employee ownership. Using their specialised knowledge, skills and expertise they have been instrumental in helping us achieve our success to date."
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