Founder steps down as software firm becomes employee-owned

Software firm Vectric has become employee-owned in a deal which will see staff control 51% of the company.

The Alcester firm’s owner, Brian Moran has set up an employee ownership trust structure, whereby the majority shares of the organisation are held in a trust on behalf of the staff.

Vectric will continue to be headed up by managing director Edward Powell with Moran stepping back from the day to day control.

Moran said: “I am extremely lucky to have worked with such talented people over the last 14 years, and now is the time to share the success with those who make it possible by giving everyone at Vectric a stake in the business and a say in the company’s future.

“Vectric continues to go from strength-to-strength and while I considered many exit options none of them protected the ethos of the company, the expertise of our staff, or the potential for software development like employee ownership did.”

Powell added: “We believe employee ownership is the right model for a forward-thinking company like ours, where so much is dependent on our people as individuals and the way they work together as a team.

“This is an opportunity to increase engagement by giving staff more potential to collaborate and lead within the business. The team have fully embraced the concept of employee ownership and are delighted that Vectric’s legacy will be protected.”