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European law firm Fieldfisher's market-leading employee ownership team has advised on the creation of a further three new Employee Ownership Trusts (EOTs), as the proven ownership structure continues to attract interest. EOTs, which were introduced ten years ago following former Fieldfisher partner Graeme Nuttall's Review of Employee Ownership, encourage founders and shareholders to pass ownership of their companies to employees, fostering a culture of shared success and engagement.
Fieldfisher acted for legal recruitment agency Montresor Legal on the transfer of 100% of the issued share capital to employee ownership. Founded in 2012 by Tom Balmer, Montresor Legal has been transferred to its employees as a mechanism to reward and retain its current team while continuing to attract top new talent. Montresor Legal is Fieldfisher's second EOT in the legal recruitment space, with the last one being SSQ's transfer to employee ownership in 2022.
The second transaction involved the transfer of Gilroy Limited, a UK-based marketing agency, to an EOT. Gilroy provide international brands with a full suite of B2B marketing services that cover the entire customer journey, from building brand awareness to driving advocacy. Gilroy is the firm's second EOT in the media industry this year.
The final deal saw the transfer of Northern Ireland-based Ultra Building Products Limited to an EOT. Ultra is a construction company specialising in hot dip galvanising and construction support systems and fittings.
Commenting on the firm's latest EOT completions, Neil Palmer, said:
"We are delighted to have been able to advise on three transitions to employee ownership during the space of three days in a range of different sectors. Each of the founders chose this exciting model as their preferred succession strategy, selecting stability, engagement and a proven ownership structure by giving a big vote of confidence in their staff. The Government confirmed its commitment to employee ownership in the recent budget, and the proposed legislation put forward in the draft Finance Bill will help to facilitate many more employee-owned businesses by cementing and enhancing best practice in the sector. Employee-owned businesses are creating a buzz, and we can see them going from strength to strength."
Montresor Legal, Gilroy Limited and Ultra Building Products Limited were advised by Fieldfisher corporate partner Neil Palmer and tax and structuring partner Mark Gearing, both from the firm's specialist EO team. Neil and Mark were assisted by associates Francesca Lo and Jessica Kilkelly and trainee solicitor Catriona Grew.
The firm's market-leading Employee Ownership Solutions team remains at the forefront of guiding businesses through their transition to employee ownership. The team helps organisations navigate the challenges and seize the opportunities that lie ahead, empowering them to achieve their full potential through employee ownership.