A north west firm has joined the move to employee ownership by giving all staff members a share of the profits of the business.

The 85 employees of Chester-based Oliver & Co Solicitors will own 100% of the business through a new trust and will enjoy an equal share of any profits no matter their position or seniority. Staff will be eligible to become employee owners after working for the firm for six months.

Around one in every 20 company disposals is now to an employee ownership trust, although the move has been slower in the legal profession where around a dozen firms have taken this option.

Employee ownership was chosen over a traditional business sale or other merger options, with former owners David Owen and Kay Cook joined on the board of trustees by two staff members and an independent trustee.

Owen and Cook said the move was a natural progression which will secure the future of the full service firm. Cook said: ‘Employee owned businesses tend to see higher levels of profitability and productivity, along with improved employee and customer satisfaction. Employee owned companies excel in engaging employees, who in turn drive performance and innovation.

‘We’ve always encouraged colleagues to make suggestions and contribute to the way the business is run. Becoming employee owned takes that a step further and gives our people a stake in the business and an equal share in our profits, no matter what their role or seniority.’

There are now more than 1,000 employee-owned businesses in the UK, with the sector more than doubling in the past three year.

James de le Vingne, chief executive of the Employee Ownership Association, said: ‘We congratulate our members Oliver & Co Solicitors on its transition to employee ownership; securing the ethos, values, and culture of the business, as well as rooting jobs in Chester.

‘Businesses that give employees a stake and a say build trust and shared responsibility, uniting leaders and employees behind a common purpose, and leaving businesses in a better position to flex and adapt.’

 

Pictured above: Oliver & Co Solicitors employee owners with Kay Cook and David Owen (front row, centre)

 

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