Fieldfisher advised independent financial adviser, Paradigm Norton Financial Planning Limited, on its transition to employee ownership.
The move to employee ownership means that 80% of the shares are now held by an employee ownership trust on behalf of employees and was part of a succession strategy for the key shareholders, coupled with an enthusiasm to embrace all the benefits of employee ownership. This was an interesting deal, as shares in Paradigm Norton were quite widely held, with a complicated shareholding structure involving different classes. Furthermore, Paradigm Norton is an independent financial adviser and FCA regulated, meaning that additional regulatory hurdles had to be negotiated to make this deal happen. Paradigm Norton has embraced the spirit of employee ownership, and is working hard to engage and involve its employees at all levels of the business. Not only that, it is also a certified B Corp, meaning that it meets the highest ethical standards.
Barry Horner, founder and CEO of Paradigm Norton said "This is an amazing outcome to our journey. I genuinely believe that it protects the business for the future and protects that legacy that we have been looking for. This creates a new structure where the whole team can provide input into the running of the business."
Corporate partner Neil Palmer led the team supported by senior associate Tamsin Nicholds and associate Jessie Abrahamson-Flynn.
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