Vector Resourcing shares its success with its staff
Vector Resourcing, a specialist technology recruiter headquartered in East Sussex, has told Recruiter that its current shareholders have sold 100% of the business into an EOT (Employee Ownership Trust).
A company statement shared exclusively with Recruiter, said managing director Donna Medway (pictured above, seated centre) had previously had several offers to buy the business, but “believed there was a better way to secure the future of the company for the benefit of its loyal workforce – many who had been with the business for more than two decades”. In addition, the statement said Medway "wanted to ensure there was a robust succession plan and a clear path for opportunity for the company’s employees”.
To reward the employees for their commitment during the Covid pandemic and their contributions to building the business, an EMI (share option scheme) was implemented in 2021. With the recent sale to the EOT, qualifying employees will benefit from five to six-figure pay-outs. Additionally, partners will receive a distribution of the company’s performance-based profits moving forward, with £3.6k per annum being paid tax-free.
“I’m absolutely delighted to be able to announce this exciting new chapter in our company story,” said Medway. “I am so fortunate to have a core group of amazing colleagues who will now become partners, and it is a great time for them to be driving the business forward positively and continue to be at the heart of everything we do.”
The EOT will be managed by a board of trustees, with operations director Genna Haines and senior recruitment consultant Mark Casse serving as directors, along with an appointed independent trustee.
By becoming 100% employee-owned, the move reflects Vector’s commitment to its employees and their future success, as well as its desire to create a culture of collaboration, innovation and shared success.
Craig Harman of Perrys Accountants, and Stephen Hadlow and Mairead Platt of Brabners, were professional advisers for Vector and ensured the smooth transition of the company into employee ownership.
Founded in 1997, Vector has 26 years’ experience supplying technology and business change resource to a diverse client base across the UK and Europe.
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