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A recruitment company in Dorset has become employee owned after transferring 100% of the business to staff.

Poole-based Rubicon Recruitment Group, which was founded in 1982, has also changed its name to Rubicon People Partnership.

Its 30 employees - now known as partners - own the company through an Employee Ownership Trust and will all be given an equal share of the firm's profits One member of staff will also be chosen to represent the trust and will sit on the board.

"Employee ownership is a natural progression for us,” said Lloyd Banks, who acquired Rubicon in 2000. “Many of my colleagues have worked with me for a long time, and the continuing success of the business, especially during such turbulent times, is a result of an extraordinary team effort.

“Employee ownership rewards that effort whilst ensuring that future successes are reimbursed, and it safeguards the extraordinary culture that drives our business.”

Mr Banks said employee ownership was an “ideal” succession plan and would protect jobs and the company’s culture in the future.

“With a more traditional trade sale, it would be very likely that jobs would be lost and the incredible culture we’ve built up over the years put at risk,” he explained.

“Employee ownership felt like a much better fit for me and Rubicon.”