Award-winning planning, design and environmental consultancy Terence O’Rourke Ltd has established an employee-owned trust (EOT), giving its members of staff full and equal ownership of the company.
After 36 years in private ownership, owned substantially by the board, the directors decided an EOT structure was the best way to remain independent, better reward staff, maintain standards and ethics, and offer the best client care in the marketplace.
The directors wanted to secure a more sustainable succession strategy, removing financial barriers to future leadership, and embracing social enterprise and employee engagement in driving the business forward. An EOT structure offers the best-fit and an extension of the company’s existing inclusive characteristics, values, and culture.
Chairman Tim Hancock said, “The establishment of the EOT will provide comfort to clients regarding the long-term independence of TOR whilst enabling employees to have collective control of their future, benefitting directly from the company’s success.”
Managing Director Jacqueline Mulliner said, “The EOT represents a fantastic legacy. All the current directors have been with the company for much of their careers and have appreciated the independence and support the company has been able to offer. Being able to secure these career opportunities for current and future staff is a significant moment in the company’s history and progression. Before finalising the EOT we spoke to our staff and gained unanimous support for the approach. Transition to an EOT is something of which we are all very proud.”
The TOR EOT will not alter the day-to-day management of the company, which will continue to be run by the board of directors. However, it provides assurance that the business will continue to be run by people with a passion for its quality and reputation, continuing to strive for excellence and success.