Prevista passes ownership to an Employee Ownership Trust with help from Cripps Pemberton Greenish

10 February, 2020
by: Cripps Pemberton Greenish

Prevista Limited, a leading provider of government funded apprenticeships, traineeships, employment and youth programmes, has passed into 100% employee ownership via an Employee Ownership Trust (EOT). The move means that the whole company is now owned by trustees for the benefit of its staff who will have a direct say in the destiny of the business, as well potentially benefitting from the tax advantages an EOT ownership model offers.

 

Current Managing Director and former owner James Clements Smith will stay on for a transition period, during which he will work with the Trust and employees to support and consolidate the new business model.

 

Tax partner Elizabeth Middleton led the legal team advising Prevista. The multi-disciplinary team included corporate lawyers Katie Haylock and Eoin Broderick and trust specialist, Clare Savory.

 

Commenting on the support provided by the Cripps Pemberton Greenish team, James Clements Smith said “ The Cripps Pemberton Greenish team were efficient, prompt and client focused. The multi-disciplinary team approach was a real benefit and the key reason why the Trust and I choose the firm. The team provided excellent advice throughout.”

 

Elizabeth commented “We were delighted to advise on Prevista’s transition to an employee-owned business via an employee ownership trust. We are seeing an increasing number of businesses taking this innovative step to vest ownership in staff, thereby increasing engagement, retention and productivity. We wish Prevista every success for this exciting new chapter.”

 

For more information about the benefits and practicalities of setting up an EOT, click here.