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The transfer to an Employee Ownership Trust will secure the future of the extremely successful property management business and further enhance its employee-focused culture.
European law firm Fieldfisher's market-leading Employee Ownership (EO) team has advised UK property management business MAPP on its move to employee ownership.
Founded 25 years ago, MAPP employs 600 people and manages around £25 billion of commercial property throughout the UK for a variety of funds, real estate investment trusts (REITs) and other real estate investors and landlords.
Its clients include top UK asset managers Schroders and Barings and real estate investors Warburg, AEW and Frasers.
MAPP founder and Chairman Nigel Mapp and Executive Chairman David Clein decided to transfer their shares in the business into an Employee Ownership Trust (EOT) to secure the long-term independence of the London-headquartered company, which has five offices around the UK including Bristol and Birmingham.
The MAPP EOT will continue to channel a growing proportion of its profits to the MAPP Charitable Foundation, a grant-making registered charity focusing on young people, mental health and environmental initiatives nationwide.
Nigel and David will both continue to play a full-time role in the business, which as an EOT will continue to focus on delivering market-leading property management services as well as being a sustainable business and great place to work.
The Fieldfisher team advising MAPP on its move to an EOT was led by Equity Incentives Partner Mark Gearing, with Corporate Partner Neil Palmer and Director Jennifer Martin, assisted by Associates Jessica Kilkelly and Francesca Lo, Directors Simon Lafferty and Igor Stermsek and Senior Associate Sam Clyndes.
Fieldfisher Tax and Structuring Partner Graeme Nuttall OBE has been engaged as the independent trustee of the MAPP Employee Ownership Trust.
Commenting on MAPP's successful move to EO, Fieldfisher Partner Mark Gearing said:
"This is an important move for MAPP, an extremely successful business with a great culture – which will only be enhanced by becoming employee-owned. Congratulations to Nigel, the management team and all the MAPP employees.
"This deal is the latest in a strong pipeline of transactions for the Fieldfisher EO team, reflecting continuing strength in the sector, with a number of high-value buyouts that are due to complete in early 2024."