Vector Resourcing are pleased to announce that its current shareholders have sold 100% of the business into an EOT (Employee Ownership Trust).
The decision to become employee-owned came after several offers to buy the business were proposed to our MD, Donna Medway, who believed that there was a better way to secure the future of the company for the benefit of its loyal workforce. Many of whom have been with the business for over two decades. In addition, Donna wanted to ensure there is 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 thereafter, 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 payouts. Additionally, partners will receive a distribution of the company's performance-based profits moving forward, with £3,600 per annum being paid tax-free.
"I'm absolutely delighted to be able to announce this exciting new chapter in our company story," said Donna. "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 Genna Haines and Mark Casse serving as Directors, along with an independent trustee appointed. This move is expected to drive growth and success for us, as the company continues to prioritise the welfare and satisfaction of the workforce.
By becoming 100% employee-owned, the move reflects Vector’s commitment to its employees and their future success, as well as our desire to create a culture of collaboration, innovation, and shared success.
The company would like to thank our professional advisors; Craig Harman of Perrys, Stephen Hadlow & Mairead Platt of Brabners for their sound advice in ensuring the smooth transition into employee ownership.