Shipbroking firm EA Gibson has launched an employee ownership trust.
The firm is now 100% owned by its employees following a buy out from oil and gas supply firm Hunting.
Employees in an employee-ownership trust organisation can receive income-tax-free bonuses of up to £3,600 per tax year.
The organisation was advised by Graeme Nuttall and Neil Palmer, partners at law firm Fieldfisher. Nuttall is also author of the Nuttall review on employee ownership, which was published in July 2012.
Nigel Richardson (pictured), managing director of EA Gibson Shipbrokers, said: “EA Gibson Shipbrokers has completed its decoupling from parent organisation Hunting.
“While this split has been most amicable, there have inevitably been complications, particularly given the 121-year history together.
“Graeme Nuttall and his team steered the EA Gibson Shipbrokers’ team through the numerous legal hurdles and provided professional leadership resulting in the successful conclusion of the deal on 31 March 2015.
“Both Hunting and EA Gibson Shipbrokers are delighted with the outcome.”