When Cheltenham-based PR company Camargue decided to change their business structure, they opted for an employee-owned trust (EOT) – and they asked our Cheltenham Corporate team to provide expert advice on how best to do it.
EOT’s allow each and every employee both a financial stake in the company and a voice when it comes to how their company is run – meaning they have greater freedom when making decisions.
The team, led by Head of Corporate in Cheltenham Tim Ward, drafted a trust deed to outline the powers of the EOT, share purchase agreements which deals with the way in which shares are transferred and for how much, and articles of association – setting out rules by which the company is governed.
The Corporate team worked with local business advisors Hazlewoods during Camargue’s transition to an EOT, and provided support throughout the process.
Jo Lloyd, former managing director of Camargue who now assumes the role of Chair, said “Throughout our journey to becoming employee owned, HCR and Hazlewoods provided superb technical support across all the legal, financial and fiscal elements of what we were doing. They were also excellent sounding boards and advisors on the hugely important cultural and human aspects of employee ownership.
Following the transition to EOT, Tim Ward said: “Employees are at the heart of every business – taking the chance to make a real difference to their own futures as well as that of the business they work for cannot be underestimated. Being part of a new chapter in Camargue’s story is really heartening. I wish them the very best for the future.”