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European law firm Fieldfisher has advised Team Consulting, the medical device design and development consultancy, on the transfer of control of the company to a new Employee Ownership Trust (EOT).
Team Consulting - or Team - was bought out by staff in 2014, but the transfer to an EOT broadens ownership to all staff and ensures the employee ownership model is sustainable in the long term. The model encourages staff engagement, rewards teamwork and sees all employees become beneficiaries of the trust and stakeholders in the business. The model is sustainable, benefiting not just Team's staff but also its clients.
The Fieldfisher team was led by partner Graeme Nuttall OBE, who was supported by Janice Houghton. Nuttall said: "Team Consulting is already part of the UK's successful £30bn employee-owned sector. Its move to permanent ownership by an employee-ownership trust secures the long term independence of the group. Employee ownership has already helped Team expand into a leading medical device consultancy. 80% of staff were shareholders after the 2014 buy-out and a share incentive plan has increased the number of employee shareholders.
"The recent introduction of the EOT by the UK Government prompted the move to a mix of EOT and direct employee ownership, so that through the EOT all staff now have a stake in the business and a say in how it is run."
Dan Flicos, CEO of Team Consulting, said: “Team is 100% employee owned and will now remain so in perpetuity. This is a great fit with Team’s culture and values. Significantly, it enables future generations of talented staff to take the company forwards without the pressure of repeated buy-outs and refinancing. We can now build and share value together.”
Deb Oxley, chief executive of the Employee Ownership Association, said: "We're delighted to hear that Team Consulting has broadened its commitment to employee ownership by moving into an EOT with 100% of its staff able to benefit. At a time when we are hearing the Prime Minister's call for better governance with more employee representation and businesses that benefit all, it’s heartening to hear how much of this is being demonstrated in the employee ownership sector by companies like Team, where they feel the model not only supports the company’s values but also the future sustainability of its business and one of its key assets - its people."