Richmond & Towers now wholly owned by its employees
Drinks PR agency Richmond & Towers is now 100% owned by its staff after creating an employee trust.
The firm, which works with Pernod Ricard-owned Irish Distillers, Havana Club rum and Altos Tequila, has launched the Suzanne Richmond & Marjorie Towers Employee Ownership Trust, which means it is now 100% owned by its workforce.
Chief executive Nikki Thompson said the model is the right fit for a business “where so much is dependent on our people as individuals and the way they work together as a team.”
“Rather than working for a small number of shareholders, everyone at R&T is now working for themselves and for each other. We are sure that our clients will see the benefit of this approach too. All the comments that we have said so far are incredibly positive.”
Following the change in ownership, former CEO Rob Metcalfe has taken on the role of chairman, while Thomson becomes chief executive. Matt de Leon has been promoted to managing director.
“We are a growing business, focused on delivering brilliant results for our clients,” said de Leon. “It’s right that everyone at R&T should share in our future success.”
Moore Kingston Smith, Simons Muirhead & Burton, Freeths and Jurit advised R&T on the transition to the trust model.
Deb Oxley OBE, chief executive of the Employee Ownership Association, said: “By widening ownership of the business to its employees Richmond & Towers 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.”