Hampshire Homes Group Limited have announced that on the 19th February 2021 they transitioned to become an employee-owned business run through an employee ownership trust (EOT).
Ian Wallace and Tom Moody founded HHG in 2015 providing a business focused on delivering affordable housing across southern UK. HHG has developed a strong reputation for delivering high quality developments with award winning quality and a business based around relationships both internally and externally.
The decision to transition to be an employee owned business was driven by the desire to sustain the company’s independence and recognition of the fact that the company was built through the hard efforts of its employees. Ian Wallace said “It is a great time to step back as I know that the projects we created are in safe hands and the team will flourish over the coming years”.
Becoming an EOT now enables HHG to not only focus on succession planning, but also reward the efforts and contribution of its team.
Similar to the model used by The John Lewis Group, an EOT enables employees to buy the company from shareholders without using their own funds and keeps existing directors in situ post-disposal for maximum stability.
Staff will own 100% of the business through the trust, with future profits being shared. Newly appointed Managing Director Tom Moody and long-term employees Lauren Wiltshire and Tom Wallace become Directors and join the board with further strengthening of the Board in the Finance and Commercial teams assumed for the spring of 2021. They will work with the newly appointed Trustees to ensure HHG grows and develops for the benefit of all employees. The Trustees compromise two elected directors, one elected employee and an independent trustee. Ian Wallace will become Chairman.
When asked what the transition meant for staff, Commercial Manager, Mike Sawbridge said “This is a really exciting opportunity for myself and my colleagues. I really feel part of something now, and I’m sure it will show in our work”. Vikki Alexander, who is the employees elected to the Trustee board, stated “I’m looking forward to our first meeting and contributing to the future development of the company”.
Tom Moody confirmed “This is a fantastic start to 2021 for us all. Everyone has contributed to our future vision and we are all excited by our plans to grow profit and headcount this year whilst ensuring that HHG remains a great place to work.”
By widening ownership of the business to its employees Hampshire Homes Group Ltd is securing the future of the business, including its ethos, values and employees, while rooting itself locally for the longer term to the benefit of the communities which it serves”.