Evolution has announced details of a new Employee Ownership Trust (EOT), which will see its staff become majority owners of the business. In keeping with similar schemes, the Trust is effectively acquiring 77% of the company, which will be paid for by ongoing company profits until such time as the agreed purchase price is met. Every EOT member will then share in the profits for as long as they are part of the business.
Current owners and founders Richard Lambert and John Wust will retain 23% of the company to ensure management continuity, and as a signal of their ongoing commitment to employees and customers alike.
“Our wish has always been to create an environment where everyone can grow and be a part of the success of Evolution and the EOT does exactly that,” Richard says. “John and I are extremely excited about the future, as we all join together as partners in our ever-evolving business.”
Louise Gough, Group Director of HR and part of Evolution’s senior leadership team, says the EOT provides a number of key benefits for staff: “Through our recruitment and people strategies, training and development opportunities and benefits programme, Evolution remains totally committed to taking care of our staff and providing them with a great place to work.”
Brendan McGarrity, Director of Evolution Risk & Design and the new EOT added “The new EOT is another example of this, crucially providing each and every employee with a stable, long-term future, as well as providing all staff with the opportunity to become beneficiaries of the business’ future successes.”
