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Software firm becomes employee owned to 'protect' the business

The North Somerset-based accountancy tech company will redistribute any future profits to its staff

bluQube is a North Somerset-based accountancy software provider(Image: Handout)

A North Somerset accountancy software firm has become employee owned in a move it says will "protect" the independence of the business and its culture.

Pill-based bluQube made the transition following a strong financial year in which it expanded into new commercial markets.

Simon Kearsley, the company's chief executive, said: “bluQube has always been about people. This move protects the independence of the business, secures the culture we’ve built, and gives those who’ve helped shape our growth a direct stake in where we go next.

“We’re not in this to chase hype or follow trends for the sake of them. We’ve always taken a longer view, and the EOT structure aligns perfectly with that approach – measured, considered and led by people who genuinely care about the business.”

The company has transferred 100% of its shares into an Employee Ownership Trust (EOT), with any future profits redistributed through the trust structure. A staff council is also expected to be introduced later this year.

Day-to-day operations will remain unchanged, bluQube said.

The change to an employee ownership model comes as bluQube reports an 18% year-on-year increase in its customers and a 19% rise in subscription revenues.

The business was founded in 1996 following an management buyout from Oracle 海角视频. In recent years, the company has focused on developing automation and AI-led features in response to shifting market expectations, while avoiding what it describes as the “gimmick-led arms race" of tech adoption.