Editor's note: This brief was summarised by The Property AI Team from a report by Property Industry Eye. Read the original article for full details.
Kivells Moves to Hybrid Employee Ownership Model
Devon-based property firm Kivells has transitioned to a hybrid employee ownership trust (EOT) model, combining employee ownership with continued shareholder and senior management control. The new structure gives employees an indirect stake in the business while retaining the existing leadership team and governance arrangements.
Kivells, established in 1885, stated that the move is intended to support the firm’s long-term independence and future growth. The executive board will continue to lead the business and comprises chairman Simon Alford, managing director Mark Bromell, and Mark Bunt, alongside new shareholders Dan Stokes and Thomas Rattray.
As part of the transition, Russell Steer, Ian Caunter, and Tim Kivell will also become shareholders and take on expanded leadership responsibilities. Kivells said the new ownership model will not affect day-to-day operations, with clients continuing to receive services from the firm’s existing local teams.
Isca Ventures acted as the lead corporate finance advisers on the transaction, with taxation advice provided by Streets Bush and Cranedale Tax, and legal support from Spencer West and Carmen Partners.
This development is relevant to UK letting agents and inventory clerks as it highlights a shift in ownership models within the property sector, potentially influencing future business structures and employee engagement in the industry.
Source: Property Industry Eye