Editor's note: This brief was summarised by The Property AI Newsroom from a report by PropertyWire. Read the original article for full details.

Kivells Adopts Hybrid Employee Ownership Trust Model

Devon-based property firm Kivells has transitioned to a hybrid employee ownership trust (EOT) structure. The new model gives employees an indirect stake in the business while maintaining the current leadership team and governance arrangements.

Kivells, established in 1885, stated that the transition is designed to support its long-term independence and future growth. The executive board will continue under the same leadership, with Simon Alford as chairman, Mark Bromell as managing director, and Mark Bunt, alongside new shareholders Dan Stokes and Thomas Rattray. Russell Steer, Ian Caunter, and Tim Kivell will also become shareholders and take on expanded leadership responsibilities.

According to the firm, the ownership restructure will not affect day-to-day operations, and clients will continue to receive services from existing local teams. The move follows recent patterns in the UK property sector where firms are adapting ownership structures to ensure continuity.

Isca Ventures acted as lead corporate finance advisers on the transaction, with taxation advice from Streets Bush and Cranedale Tax, and legal support from Spencer West and Carmen Partners. The transaction follows a period of strategic advice provided to the management team over recent years.

The hybrid EOT model represents an alternative succession planning approach for property firms, allowing founders to exit while maintaining operational continuity. Similar restructuring approaches have been adopted by other estate agencies seeking to balance ownership transition with business stability.