Muckle supports architecture firm as they become an employee-owned company
We’re delighted to have advised our client JDDK Architects, as it transferred full ownership of the company to its employees.
Founded in 1987, the multi-award practice renowned for its work in the housing and health sectors has fully transitioned to an Employee Ownership Trust (EOT). The 100 per cent share transfer will see employees take ownership of the business, with the current management team remaining in place and its trustees making decisions which are in the best interests of the employees who are the beneficiaries of the trust.
Future success
Nicky Watson, JDDK Director, said: "Like many forward-looking organisations, we are aware of the challenges of not only increasing employee engagement but also opportunities for succession and have taken advice from many sources, including our accountants, Haines Watts, who has helped set up the EOT alongside our solicitors, Muckle LLP.
"As a very close-knit, collaborative team of creative people, this felt a natural progression for us and continues in the spirit of equality and professional innovation, which is already embedded in our practice. The EOT splits ownership from management which removes potential barriers to succession, ensures retention of our business ethos and values, increases the influence employees can have on the business and creates opportunities for greater reward for their skills and efforts."
She added: "Importantly, to our clients, contractors and fellow consultants, it will be very much business as usual, dealing with the same individuals and teams as before and we've actually received a very positive reaction from those we have informed."
Realising potential
Legal advice was provided by Corporate solicitor Hayden Richards with supervision from partner Matthew Walsh and Private Client partner Julie Garbutt.
Hayden said: “This is an exciting opportunity for the team at JDDK, which will allow them to have input into the future of the firm as well as provide a long-term strategy for the firm’s continued growth and evolution.
“It has been a privilege to assist JDDK with this transition and I am confident the company has a bright future as an employee-owned business.”
For more information on how our Corporate team can help your business contact Hayden Richards 0191 211 7881 or email [email protected]