Wed, 23 Oct 2024 | BUSINESS SALE
Online property conveyancing firm Home Legal Direct has made the move to employee ownership. The group will now be owned by its around 20 employees through an Employee Ownership Trust (EOT).
The Southend-on-Sea, Essex based firm, is an online conveyancing network helping house buyers and sellers in England and Wales with services such as sale and purchase conveyancing, remortgaging, equity release, homebuyer surveys, building surveys, valuation reports and contract exchanges.
It was founded in 2017 by two property industry experts Peter Joseph and Oliver Meddick. The company said that day to day management of the firm will remain unchanged after the move.
Meddick, chief operations officer at Home Legal Direct, said becoming employee-owned not only empowered his staff and secured their future but would also benefit its clients through enhanced customer service.
"After exploring several succession planning options, we found that the EOT model was the best way forward, offering attractive benefits for both us as selling shareholders and our employees,” he said.
Home Legal Direct was advised on the deal by Terry Moore and Simon Nolan of Altrincham, Cheshire-based Myerson Solicitors.
Moore, Partner in the Corporate Team at Myerson added: “We are thrilled to have assisted Home Legal Direct in their conversion to employee ownership. This decision not only secures the long-term growth, values, and autonomy of the business but also reinforces their commitment to a supportive and inclusive workplace culture by placing ownership in the hands of an Employee Ownership Trust for the benefit of all employees.”
According to Myerson there are now over 1,800 employee-owned businesses in the UK with a 30 per cent hike in deals being done already this year compared with 12 months ago. Myerson's knowledge of EOTs is not only professional – it also successfully made the transition to 100% employee ownership this September.
Find out more about the increase in interest in Employee Ownership Trusts
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