Bank backs consultancy’s move to 100% employee ownership

Manchester-based national fire engineering consultancy, Tenos, is completely employee owned, following seven-figure support from an HSBC UK funding package.

Tenos became partially employee owned in 2019, and with the financial support of HSBC UK it has now transferred 100% of its ownership to employees, with all staff receiving share options as part of its continued employee engagement.

As part of this HSBC UK-supported transition, Tenos has also paid out on the first tranche of share options, with employees benefiting from the growth and success they have been part of creating.

The company will continue to drive recruitment following the transfer of ownership, with aims to attract more engineers to jobs across the business.

Paul Hoban, director of finance and practice management at Tenos, said: “We are incredibly proud of what Tenos is achieving and the innovative work our employees are doing around the world.

“This transition to employee ownership is an important step for the company, and will ensure that we can continue to deliver the highest standards of customer service and attract talented individuals to the business for many years to come.”

Jenny Taylor, relationship manager at HSBC UK, said: “Everybody at the consultancy will benefit from this transition and it will also make the business more attractive to potential future employees.”

Founded in 1997, Tenos provides innovative fire engineering solutions for the built environment.

It says it has always focused on mission-driven sustainable growth, rather than building for acquisition or seeking VC funding.

The transition to a full EOT ensures those working in the business continue to control what they do and how they do it.