Technology solutions business TVD Group has transferred to majority employee ownership, with staff taking a 51% stake in the business.
Founders Mat and Dan Brown retained a 49% share, having created an employee benefit trust (EBT) to hold shares on behalf of members of staff with 12 continuous months of service.
The business was founded 27 years ago, and moved to employee ownership as part of its approach to sustainable growth, with greater collaboration and inclusion.
The process was finalised in March, and since then, TVD has run a series of presentations to inform staff of the changes. According to the business, it plans to set up a TVD Trust Committee to facilitate cooperation among the co-owners.
Employees across the group’s brands will be awarded a share of the profits through a profitability partner bonus scheme.
In 2022, the Employee Ownership Association found that 71% of employee-owned business had a statement of purpose, while 96% said looking after their workforce was key to business success. As of December 2022, there were 1,300 employee-owned businesses in the UK.
Mat Brown, CEO of TVD Group, said: “Growing TVD into the business it is today has taken huge focus, dedication, and hard work over the last 27 years. We can’t think of a better way to secure the future and independence of the business than to make the people that drive the business forward every day co-owners.
“We still have the same hunger and ambition for the business, perhaps even more so now with this exciting structure! This opens up many opportunities for TVD and its fantastic co-owners, as well as enhancing the relationship for our loyal suppliers and customers.”
Lucia Maguire, managing director of TVD Group, added, “This is a really exciting time for TVD. We have a superb team, who as co-owners, will be able to help drive the business forward for the next 25 years and beyond.
“We want to be able to provide organic, sustainable growth for the group and having a structure that gives the business longevity, as well as being proven to facilitate engaged and motivated employees, puts us in a great position.
“We also have the added luxury that the day-to-day of what we do remains unchanged and with the continued support and drive of the Brown family, this collaboration of co-owners is set for success.”