Construction firm Potter Raper creates employee ownership trust
Birketts has advised construction consultancy Potter Raper Ltd on the sale of the business into an employee ownership trust (EOT), benefiting over 170 employees.
After more than 50 years of exciting growth, the construction firm founded in 1970 by Gerry Potter and Mike Raper has changed its ownership model, ensuring that everyone at the company has a vested interest in its success.
The historic move was made by the directors to secure the continued expansion of the company, maintaining its ethos and rewarding its employees, while ensuring absolute quality of service for their clients. Potter Raper has local offices in Cambridge and Colchester in its UK network of operations.
The Birketts team was led by Lisa Hayward (Partner, Head of Employee Incentives) and Alex Nelson (Partner, Corporate) with support from colleagues Sarah Pearce (Corporate), Kirsty Scripps (Employee Incentives) and Abigail Hubert (Employment).
Andrew Wells, director at Potter Raper, said: “We are pleased that our commitment to investing in the development of the careers and wellbeing of those who work for us and our desire to provide our clients with an exceptional service will be exceeded through the EOT model.
“Thanks to Birketts for all their efforts. The team’s clear expertise in this area, together with excellent client service, helped bring the transaction to an efficient conclusion to the benefit of all involved.”
Lisa Hayward added: “It has been a pleasure to work with the team at Potter Raper to secure a progressive and collaborative future for the firm. Potter Raper has been keen to maintain their ethos and foundations of a ‘modernising business’ conserving the wellbeing of employees and clients at its core.
“We have no doubt this will be achieved through the EOT model and wish them all the best for their future as an employee-owned business.”
A Birketts spokeperson said: “An EOT is a trust created to hold shares in a company on behalf of its employees so that they become the owners (indirectly). Employee ownership is the fastest growing form of business ownership in the UK.
“Research shows that employee-owned companies are stronger performing with employees who are more engaged and committed and this has a huge benefit for clients; every employee has a vested interest in the success of the company and, therefore, their continued work ethos.”