Digital marketing agency Torchbox claims to be the first in the UK to switch to an employee-ownership model.
Last week the business was transferred by founders Olly Willans and Tom Dyson into an employee ownership trust. Directors of the trust have been appointed from the 65-strong workforce, elected after submitting a 100 word bid explaining why they’d be a strong candidate. Olly and Tom will remain part of the trust for five years until their majority stake is repaid by the business.
The trust will work with the business’ directors to oversee strategy and growth. Each Torchbox employee will receive a tax-free bonus of £3600 a year as part of the arrangement.
Co-founder Olly Willans said: “When we were considering the future of Torchbox, we thought about the importance of retaining our independent spirit, continuing our fast growth and empowering our brilliant team to take an active part in our business.
“We decided that by far the best people to own Torchbox are the people who have made it the success it is today, and the people who will continue to make it a success tomorrow. If we were going to choose employee ownership, then we wanted to commit to it entirely without maintaining any kind of minority shareholding.”
Rebekah Evans, delivery manager at Torchbox and one of the directors of the trust added: “Creating the employee ownership trust will ensure the spirit and soul of the company will continue after Tom and Olly move on.”
