PR agency becomes employee-owned
Exeter-based PR and marketing agency Absolute PR and Marketing has announced its transition to an Employee Ownership Trust (EOT).
Founder and owner Rachael Whitson has sold a 90% stake in the business to the EOT which will result in employees being recognised more in the future running of the business.
As majority shareholders, all eligible employees will benefit from a greater say in how the agency is run and will receive a share of any profits each year. This means following 12 months service, employees will become co-owners and beneficiaries of the company’s profits which include up to £3,600 tax-free financial rewards each year, per person, in addition to their annual salary.
Whitson will remain managing director of Absolute PR and Marketing and now also takes up a position as trustee on the board of Absolute PR and Marketing Trustees Ltd.
She said: “As a purpose-driven communications agency, Absolute PR and Marketing’s culture has always been value-led and centred around teamwork and collaboration. That’s why transitioning to an EOT was the most natural progression for the agency; it will ensure the company remains firmly in the hands of a team that continues to drive the business forward every day and who share a passion for its vision and values.
“With a bright future ahead of us, the EOT will help better involve, motivate, and financially reward all employees through their collective, majority ownership stake, so that we can continue doing right by our employees, whilst having a positive impact on our clients, community, cause and climate.
“With a shared desire to use our influence as a force for good, putting employees at the heart of business operations makes perfect sense. The EOT also offers a unique opportunity for a new generation of ambitious Absoluters to build upon the legacy of the last 23 years, which have been committed to purpose-led, strategic work benefiting our people and planet.”