Somerlap would not be the business that it is today without its hardworking staff and to demonstrate just how much they value their employees, the company has recently transitioned to an Employee Ownership Trust (EOT).
An EOT enables a company to sell all or part of its shares to a trust to benefit employees. In essence, it is a way for a company to transfer ownership to its employees with a Board of Trustees in place and rewarding valued employees with the benefits of a tax-free profit share bonus.
An EOT also provides employees with a voice and a share in the success of the business, making them feel empowered. Employees are encouraged to engage using their skill and knowledge, upholding the values and ethos of the business as the owners become less involved.
Somerlap’s EOT launched in March and took eight months to complete. The Board of Trustees consists of one company director, two founders of Somerlap, one independent professional, and one employee.
Throughout this process they received professional advice and guidance from Spencer West Solicitors and their accountants PKF Francis Clark, who have vast experience in helping businesses make the transition to employee ownership.
As employee owners, Somerlap employees now have the opportunity to present their ideas on many aspects of the business, including what they can do to help with individual roles within the business, and helping to develop the business further. All new employees will also become employee owners on completion of their probationary period.
A spokesman said Somerlap was incredibly proud to be part of the Employee Ownership Trust and was confident that its launch would make Somerlap an even better place to work.
“This is a progressive business where staff can feel valued, motivated and know that their views will be heard,” the spokesman said.