Formation Architects has launched an employee ownership trust.
The London-based practice, which has 65 employees, has sold 100% of the shares owned by sole shareholder and former managing director Gordon Thomson to Formation Trustee Limited, the trustee of an employee ownership trust.
The sale completed in December 2015, and the trust was officially launched on 26 May 2016.
The shares are now being held on behalf of all the organisation’s employees.
The process was supported by Law firm Fieldfisher.
Tim Quick, director at Formation Architects, said: “The move to an employee ownership trust is great news for everyone at the business, and for our clients, who can rest assured that everyone is committed to achieving success, and that means delivering great work for each and every client of the practice.”
Graeme Nuttall OBE (pictured), partner at Fieldfisher, added: “The reasons for businesses to move to an employee-owned model are clear: improved business outcomes and greater employee engagement. What the trust model particularly helps maintain is [an organisation’s] independence and ethos.”