Suite TV announces move to employee ownership
JGA supports Suite TV in their transition to EO
We are delighted to share the news that Suite TV have become employee-owned. The award-winning television post production company responsible for providing editing facilities to the nation’s favourite comedy programmes became the latest business to join the employee ownership community.
This week’s announcement reveals that 100% of shares have been transferred into an Employee Ownership Trust (EOT) on behalf of all their employees.
JGA’s MD and Founder Jeremy Gadd and our Associate Corrine Thomas have supported the founders’ ambitions to transition the organisation to an Employee Ownership Trust (EOT). From the initial contact made during a networking session earlier this year, the last five months have seen a great deal of planning and preparation to which Jeremy and Corrine have been able to add clarity and guidance throughout.
Suite TV provides editing facilities for a number of well-known national comedy programmes, including the popular ‘Have I Got News For You’ (with Ian Hislop and Paul Merton), critically-acclaimed ‘Afterlife’ (penned by the irrepressible Ricky Gervais) and ‘Not Going Out’ (the second longest running British sit-com). The team were also involved in editing the recent groundbreaking documentary drama ‘Partygate’.
At a staff meeting of the 40 employees this week, Julian Aston, Suite TV’s Chairman and Founder, announced this monumental news at the company’s headquarters.
Julian said: ‘The decision of the founder shareholders to sell their shares to the newly-formed Suite Employees TV Trust was the very best way to ensure the future of the business, and that by passing the ownership to the staff, the long-term future of the business was secured.’
Shelley Fox, Founder shareholder and Managing Director, said: ‘We looked for years to find the right succession strategy and employee ownership will, I hope, mean that we pass the baton on to our brilliant young and talented staff.’
The transition to employee ownership has taken more than three years, and Suite TV was assisted in this journey by William Franklin of Pett Franklin, Jane Jeavon of Legal Clarity as well as Jeremy Gadd of J Gadd Associates. JGA have been retained by Suite TV for a further nine months to support and guide the transition journey. Suite TV are full members of the Employee Ownership Association.
For any further information on Suite TV, please contact Julian@suitetv.com
‘Welcome to your new company!’ – Pym & Wildsmith celebrates becoming EO
‘Welcome to your new company’: that was MD Craig Taylor’s message to his fellow employee owners as Pym & Wildsmith – one of the Midlands’ leading metal finishing companies – officially celebrated its transition to employee ownership last week.
JGA Associate and Operations Manager Lisa Fryer was delighted to join the team for the party at their Staffordshire factory, arriving with her steel-capped boots following a very different morning commute. She has been providing transition support, including communication and announcement planning, to the family-owned company since early 2021.
‘Pym & Wildsmith’s transition to employee ownership has been a long time in the planning and at times there were questions about whether it was meant to be, but their resilience has been amazing,’ says Lisa. ‘I’m so happy they made it in the end.’
A challenging journey to EO
Resilience is the right word because, while every client’s journey to EO is different, Pym & Wildsmith’s has been particularly challenging after a serious fire destroyed a major part of their Uttoxeter factory last September – on the eve of their original transition date.
Fortunately, nobody was injured but the fire left their main building ‘in tatters’ and the team shaken, precipitating a sudden shift of priorities. Understandably, Pym & Wildsmith’s EO transition was delayed by 10 months.
Revisiting the factory last week for the first time since the fire for the party, Lisa says the celebration was ‘bitter sweet’.
‘Seeing the damage was an ongoing reminder of what Pym & Wildsmith have overcome. I also saw how the team has realised new opportunities, with equipment changes and efficiencies as a result of the fire.’
The fire gutted the main coating and oven shed, standing as a reminder awaiting rebuild
Securing the founders’ wishes
So where did Pym & Wildsmith’s inspiring journey to employee ownership begin?
In a conversation with Lisa and our Managing Director Jeremy Gadd in early 2021, during which Sarah Pym-Eaton – Pym & Wildsmith’s Finance Director and one of four family owners – explained that she had been investigating succession planning for several years, ‘discovered EO’ recently and that it was rapidly becoming the preferred option.
‘That initial conversation gave us a sense of how important it was for Pym & Wildsmith’s owners to make the right choices to secure what was important,’ recalls Lisa. ‘When Jeremy asked Sarah what was keeping her awake at night about the change, her immediate response was ‘the people part’.
‘I knew then that it would be vital to get a clear narrative in place and to support the business to recognise its history, while planning a new course for the future.’
Sarah revealed how the business had navigated turbulent times, with redundancies and talent being drained while managing to maintain key clients’ confidence. ‘Like all businesses, the pandemic and Brexit had presented further challenges, but they had a secure base and a resilient team, and knew the future held more opportunities to bounce back,’ Lisa explains.
The right support at the right time
JGA’s initial support was virtual (due to lockdown) and included a Founders’ Workshop with Steve and Wendy Pym, one half of the original founders’ team, and their children Ian and Sarah, who had joined the leadership team.
The thoughts captured in this session became the basis for Pym & Wildsmith’s Founders’ Wishes and a comprehensive FAQ to support the announcement and wider communications.
These included their heartfelt desire that, having committed their lives to the company, it should continue to provide for their employees’ families for generations to come.
Gradually senior leaders and key Admin team members were brought on board, with preparations carefully managed to meet a target transition date of September 2021.
‘That initial conversation gave us a sense of how important it was for Pym & Wildsmith’s owners to make the right choices to secure what was important’
Lisa Fryer, Associate and Operations Manager, JGA
Making clear communication a priority
However, in August, rumours started which had the potential to cause problems so JGA swiftly supported on-site briefing sessions for employees to prevent misinformation and avoid confusion.
‘Everything got back on track,’ Lisa explains. ‘Key clients and suppliers were contacted just ahead of the signing, culminating in a public statement on the eve of the transaction and an early night for the recently-appointed MD, Craig Taylor, in readiness for the big day.’
Then the call from the night shift came. The morning light revealed the damage. The Fire Service had done an amazing job but the impact was extensive.
The planned signing of the EO agreement was off, as the focus switched to securing Pym & Wildsmith’s survival. Months of communication with insurers, contractors and clients followed, while rebuilding plans left no space or energy for employee ownership. Pym & Wildsmith finally (formally) transitioned to employee ownership on 1 July.
Pride in an EO transition well done
Returning for last week’s party, Lisa was struck by Craig’s ‘pride in his amazing team’, as he introduced them to their new company plans.
As he explained: ‘What I saw that day [after the fire] was nothing short of a miracle. When the chips are down, we get things done.’
‘They’re not kidding!’ Lisa agrees. ‘Congratulations to Pym & Wildsmith from all at JGA for making it past this post. We can’t wait to see your next milestone and are excited to be joining you again on your journey now you’re officially employee-owned.’
If you’d like to know more about how JGA can support your organisation through our Transition, People and Governance services, please get in touch here.
EO transition: Practical tips - from a business that's done it
NC2 knew becoming EO would be a journey, but didn’t realise how valuable the learning would be – until the pandemic hit.
Here, Financial Controller and Employee Trustee Abi Knight reflects on their first 18 months (and counting) as an employee-owned business – and shares practical tips for those considering the same.
‘Don’t do it during a pandemic!’ is one of Abi Knight’s practical tips for founder/ owners transitioning their business to employee ownership. And yet, the timing of NC2’s own transition – mid-national lockdown and major shift to remote working – created a unique opportunity to learn for the software company’s team.
NC2’s previous co-owners – Neal Criscuolo and Neil Crawford – had already decided to complete the legal transaction first, then give themselves and the business a year to ‘make EO work’, when they signed the company over in May 2020.
Pre-transaction discussions focused on fostering the right levels of employee owner influence. ‘Studies show that EO is good for a business and good for the economy,’ says Abi. ‘The challenge is understanding how to reach that point without becoming an organisation where you can’t make a decision unless everybody agrees.’
So how do you do that?
Here, Abi reveals what’s worked for NC2 in its first 18-plus months – and how a clear process and structure has created a lasting result. These are her practical tips.
1. Get involved with the EOA
Joining the Employee Ownership Association (EOA) – with the practical advice and networking they have – connects you with other companies in transition or further down the road. I also read books such as The Employee Ownership Manual (Robert Postlethwaite with Jeremy Gadd) and listened to podcasts.
2. Seek expert professional help
Every transition is different but you don’t have to do this alone. For NC2, J Gadd Associates’ guiding support was incredibly useful in shaping our project and focus. They patiently encouraged us to work out our own answers, so we were responsible for and fully managed our own EO transition. So get help, whether that’s from the EOA, J Gadd Associates or an equivalent service provider.
3. Set up your EO transition as a properly resourced and timed project
After the transaction, we gave ourselves a year to work out what EO meant for NC2 and were clear with our team that nothing would change on day one. Then we set up our EOT project. J Gadd Associates helped us create this structured approach – with a clear plan, workstreams and a Steering Committee sub-set of ‘volunteers’ who became the ‘opinion’ of NC2. You don’t have to stick rigidly to it, but the project structure, process and drumbeat of a regular meeting really focuses the mind.
‘Every transition is different, but you don’t have to do this alone. So get help, whether that’s from the EOA, J Gadd Associates or an equivalent service provider’
Abi Knight
‘Studies show that EO is good for a business and good for the economy’
Abi Knight
4. Be clear about when you want influence/opinion and when you’re asking people to make a decision
It won’t all be plain sailing – things were tough for us at times, especially with so much remote working. But understanding the difference between influence and decision-making, and the level of employee owner input you want, is important.
5. Communicate clearly, regularly and be honest
We had no agenda for what our project’s output would be, but we knew we’d get there by working together. We shared monthly updates, were honest about what we didn’t know and assured our employee owners we’d try to find out. As Financial Controller, I was initially concerned that being more open about our financials would mean people would challenge all sorts of decisions, but this didn’t happen. Treat people like adults and they’ll behave like adults.
6. Trust your judgement
We all want to get things right, but occasionally it’s okay to say let’s do it like this for now, and if it doesn’t work we’ll change it. At one point, our senior team were still worried about which decisions should involve employee owner influence, but we have to trust we’ll know when we get there.
So what now?
Abi concludes that one positive (and lasting) impact of the way NC2 has transitioned is the useful structure it’s brought.
‘Becoming EO has forced us to grow up as an organisation,’ she says. ‘Previously, we were very ‘laid back’, but we’ve learned that people do like some structure, do like some boundaries and do like some process. All those things will serve us very well for the future.’
If you would like to know more about how JGA can support you with your Transition, People and Governance services, please get in touch here
Want to build Trust Board effectiveness? Support your Employee Trustees
It’s not easy being an Employee Trustee. And why would it be? The role is unique, with its own distinct issues and opportunities, including the full legal responsibilities of a board-level post. It can be lonely, with limited access to specialist training or time to develop the skills to contribute effectively. It can feel tough.
These are all challenges that JGA Associate Kathie Robb recognises from her work supporting Employee Trustees and building Trust Board effectiveness. And they are what led to last year’s launch of JGA’s new open forum, Trustee Connect.
Free to JGA clients, Trustee Connect enables Employee Trustees to network and share best practice with those doing the same role in diverse employee-owned businesses – in a safe, confidential space.
An insightful and supportive network
‘We created Trustee Connect to bring new and more experienced Employee Trustees together in a relaxed conversation, offering the chance for mutual support, insight and networking,’ says Kathie. ‘Trustee Connect enables Employee Trustees to deepen their understanding and confidence so they can be more effective in the role.’
And that’s important, because Employee Trustees are usually elected/selected by their colleagues or appointed by the leadership team just as their organisation transitions to employee ownership.
‘Often, if a business has recently become EO, neither the leaders or the electorate fully understand what being an Employee Trustee involves,’ says Kathie. ‘And why would they? It’s new to everybody. They probably get the basics of the role, but then what? How do Employee Trustees work with their Trustee and work colleagues? What do they talk about? What about their responsibilities?’
Employee Trustees can also be new to the board environment.
‘While Independent Trustee Directors often come from other board-level situations, Employee Trustees might come straight from the ‘shop floor’, with no experience of sitting at a table discussing financial and legal business matters,’ she says. ‘That can feel quite daunting, without the right support.’
‘Often, if a business has recently become EO, neither the leaders or the electorate fully understand what being an Employee involves. And why would they? It’s new to everybody’
Kathie Robb
The opportunity to grow
Yet becoming an Employee Trustee is, she confirms, a great opportunity to grow.
‘Employee Trustees are usually energetic, inspirational and capable people who already have the eyes, ears and trust of their colleagues. In this role, they now also have the chance to address and influence senior leaders who are actively seeking their insight.
‘They’ll be questioning, challenging and holding management to account, making a difference in a way that’s recognised by others on the Trust Board. I’ve watched people blossom and move their careers forward as a result – and that’s exciting.’
Sharing best practice
JGA launched Trustee Connect in 2021, with three 90-minute quarterly meetings held so far. Feedback has been very positive and Kathie is looking forward to facilitating another ‘insightful, interactive and lively conversation’ at the next Trustee Connect on Wednesday 19 January.
What common themes have emerged so far?
‘The role’s isolation and lack of time. The gap in understanding of what’s involved, especially by the rest of the business – we talk about that quite a lot,’ she reveals. ‘You’re an Employee Trustee: how do you fulfil your role?
‘We’ve also looked at how being an Employee Trustee differs from being an Employee Representative, and shared best practice around engaging other employee owners to help bring employee ownership to life.
‘Trustee Connect enables Employee Trustees to deepen their understanding and confidence so they can be more effective in the role’
Kathie Robb
Practical tips to strengthen Trust Boards
Most newly-EO businesses will have engaged professional support with the legal and financial process, with a transition ‘tick list’ that includes appointing Employee Trustees and establishing employee representation.
They will get the job done – mission ‘complete’. But what happens now?
As a newly-EO business, how do you ensure these key parts of your governance structure can function effectively? Here, Kathie shares her top three practical tips.
Invest the time and energy to build relationships as a Trust Board. Focus on how you work together as a team to ensure each member can strengthen Trust Board effectiveness.
Equip your Employee Trustees with the understanding and skills to fulfil their role and its legal and fiduciary responsibilities. Support them to learn from best practice and network – if a JGA client, through Trustee Connect.
Ensure the rest of your organisation understands what your Trust Board and Employee Trustees do. Engage your employee owners to share their insight and create value for the business you own.
Next steps
At JGA, we enable Employee Trustees to contribute more effectively and strengthen Trust Board effectiveness through our Governance support. Please get in touch if you would like to know more.
Trustee Connect is free and open to Employee Trustees of current and previous JGA clients, with no subscription or minimum attendance required. If you would like to join the next quarterly meeting on Wednesday 19 January (11am to 12.30pm), please request a place here.
Back on the road to clients – and we love it!
Laptops at the ready. Shoes polished, all set to go. Since summer, the JGA team has finally been out visiting clients and (petrol challenges aside) we’re loving being back on the road.
Like many of the organisations we support with our transition, people and governance services, our Associates have embraced virtual working. As a business, we’re now ‘digital first’ when that’s best for our clients. We’ve honed our skills on Microsoft and Zoom.
But we cover a wide range of sectors and, for us, nothing beats the prospect of a face-to-face meeting. After travelling to a new town, industrial estate or city, our clients’ coffee and snacks have never tasted so good…
A ‘proper workout’
Midlands-based Associate Lisa Fryer has been travelling south and north, by road and rail, after a year of working almost exclusively from home.
Romsey, Uttoxeter, Warrington. ‘It’s felt like a proper workout!’ she admits. ‘Really invigorating. I’m enjoying those short conversations with people that build connections, as much as the more structured 'training' sessions we’ve held.
‘I had a fabulous factory tour with one client, where the best conversations were with employees who weren’t sought out as 'our top man/woman', but people who genuinely wanted to understand some details for themselves.’
Bristol-based JGA Associate Kathie Robb made it to Cotswolds client The Rooflight Company. ‘It was lovely to finally meet the people I've been working with virtually for the last year ‘in person’ and to have those off-the-cuff conversations that would never have happened on Zoom,’ she says. ‘I’m getting to know the client even better.’
Coffee to go
And what about JGA Founder and MD Jeremy Gadd? From Cornwall to Cheshire, Lincolnshire to Lancashire, Jeremy says he has appreciated ‘being welcomed into our clients’ workspaces again’.
‘We’re social animals,’ he adds. ‘It’s interesting to see how the ‘herds’ are reforming – and the impact on those who aren’t able to join yet.’ So what’s next? As these ‘herds’ settle, Jeremy predicts that people will expect face-to-face meetings to be more than a simple in-person alternative to meeting online.
‘They should bring a greater sense of community and belonging, of a shared experience,’ he explains. And the chance to enjoy someone else’s coffee and biscuits, of course.
Want to know how we can support your business, both in-person and virtually?
Kilnbridge Construction Services becomes 100% employee owned
Read their announcement here
Philippa Meaden, Lead Associate, supported the transition
We are delighted to share the news that Kilnbridge Construction Services has become employee owned.
The construction company, which employs 800 people, is based in east London, with offices in Birmingham and Belfast, as well as a manufacturing facility in Northampton. Kilnbridge works across sectors including rail, aviation, nuclear, residential and commercial property and is proud to have secured multiple awards.
Kilnbridge now ranks as one of the largest employee owned construction contractors in the country.
Dermot McDermott, who founded the business in 1992 and grew it as a privately-owned company for 30 years, has sold all his shares. These are now held, collectively, on behalf of all Kilnbridge employees, through an employee ownership trust (EOT).
Dermot said he was immensely excited about the benefits that employee-ownership would unlock in the long-term both for the Kilnbridge team and for its clients and about the role it would play in ensuring the resilience and sustainability of the company for future generations.
“As an employee-owned business, Kilnbridge will continue to thrive and deliver for our clients in line with our deeply-held values of responsibility, integrity, collaboration and excellence”
Philippa Meaden, Lead Associate has supported the preparations for the transition to employee ownership.
“I am delighted, on behalf of JGA to be leading the cultural transition for Kilnbridge construction services from previously a family owned organisation to one that is employee owned. Working alongside the other professional advisors has been a pleasure.
With such a rich legacy and core values, employee ownership and Kilnbridge are a great fit. I am looking forward to continuing to work with the team to support them further in understanding how to lever the advantages that being employee owned can often afford businesses.”
Tapestry becomes Employee Owned
JGA supports Tapestry in their transition to Employee Ownership
See Tapestry announcement on their website
We are delighted to share the news that Tapestry have become employee owned. The multi award winning boutique law firm has transferred all shares into an Employee Ownership Trust (EOT) on behalf of all their employees.
Philippa Meaden, Lead Associate, has supported the founders ambitions to transition the organisation to an employee ownership trust. From the initial contact made prior to lock down, the last seven months have seen a great deal of planning and preparation which Philippa has been able to add clarity to and guidance throughout.
'Working with the Founder owners of Tapestry Compliance has been a pleasure. Implementing a transition process that builds a solid foundation, enabling employee ownership to flourish, is always a privilege . I am looking forward to seeing the new leadership team along with their colleagues, nurture and grow their business so all can benefit from its future successes. The Tapestry team are truly demonstrating to us all that employee ownership is a great way of doing business'.
Tapestry Compliance client list includes Goldman Sachs, HSBC, Dell, Morgan Stanley, TripAdvisor, Rolls Royce and Credit Suisse.
‘Tapestry have distinguished themselves in transitioning to an employee ownership model, offering further assurance to clients and reinforcing their already well established values.’
RVE tools supporting Employee Ownership growth
JGA are delighted to be a contributor for the RVE guide
When the team at RVE Corporate Finance asked for our input, we were only too happy to share some of our throughts on stakeholder planning.
We recognise that transferring your business to employee ownership can be a little daunting, for both owners and employees. Anything we can do to help make the transition easier has the advantage to the business in realising the benefits of employee ownership sooner.
Our contribution to this guide has a focus on stakeholder planning and gives an outline of some key section headings.
If you would like further detail on how JGA can support you in planning your transition to employee ownership click the button below!
Working with CDS at Childbase
Working with a great team from Community Dental Services who are holding a representative employee group meeting, which supports employee ownership within the organisation.
Supporting their journey, Childbase kindly agreed to host the meeting and share their experiences of employee ownership.
A great time, hard work and thought provoking.