A Tyneside architecture practice has transferred its ownership to its workforce after setting up an Employee Ownership Trust.
The five original owners of Newcastle-based Napper Architects have established the trust for its 16 employees.
The firm, which was formed 75 years ago and also has an office in London, will continue to be led by the existing management team but the formation of the trust will lead to greater input from the staff.
As the new owners of Napper Architects, the trust forms part of the firm's long-term strategy to ensure continued growth and evolution in the years ahead.
James Gilbert and Josh Treverton have been elected as trustees to represent and engage with all members of staff, in a bid to generate new ideas for the future of the practice.
The firm decided to set up the Employee Ownership Trust after weighing up options for the future over the last two years.
Graeme Dodd, managing director, said: “This is a natural evolution for Napper Architects as our success and growth has always been a product of our exceptional staff.
“The new trust will provide a key vehicle for fully engaging with all employees and allowing their innovation to contribute to our continued success.”
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James Gilbert, director and trustee, said: “Our company has been in existence for 75 years and we have long had the benefit of a dedicated and loyal workforce. The new trust will reward all those who work for Napper Architects and ensure the business continues to operate for many years to come.
“We have always put people at the heart of everything that we do and have always believed in nurturing and developing our staff. This is why we have such a talented, skilled and professional workforce.
“We anticipate that greater employee engagement will naturally promote commitment and loyalty, ultimately benefitting the work that we carry out for our valuable and varied client base.”
Advisors in the establishment of the trust included law firm businesses Muckle LLP and independent accountants MHA Tait Walker.
Amy Wanless, senior associate at Muckle LLP and head of the corporate services team, led on the legal aspects of the transfer with senior associate Julie Garbutt providing advice on the trust arrangements and the role of the trustees.
Ms Wanless said: “We were delighted to assist Napper Architects in their transition to an Employment Ownership Trust, and we wish the business and all its employees every success for the future.”
Clair Williams, senior employment tax manager at MHA Tait Walker said: “The EOT structure is a perfect cultural fit for Napper allowing the employees to directly benefit from their contribution to the future of the business.”