The 15 employees of Damia Group, a specialist IT recruitment and IT managed services firm, now own 100% of the business through an Employee Ownership Trust. Damia Group is headquartered in Guildford and has offices in Edinburgh and Portugal.
“Employee ownership allows us to give our people a bigger stake in the business,” explains Chris Bardoe, Founder of Damia Group. “Many of our team have worked for us for a long time, and some of them have been with us since the business was established in 1995. Employee ownership roots these jobs in the region for the longer term.”
Damia Group’s employees will now enjoy an equal share of the business’s profits, as well as having a say in the business through the Employee Ownership Trust with employees on the board.
“This marks an exciting new chapter for Damia Group. Employee owned companies tend to excel in engaging employees, who in turn drive performance, innovation and service excellence, with the opportunity to share in the wealth they create. As well as rewarding our existing team and giving them the opportunity to shape the future of the business, we hope employee ownership allows us to attract even more talented new recruits to help us grow the business,” adds Chris Bardoe.
Boardroom Advisors and law firm Stephens Scown LLP, which is itself employee owned, advised Damia Group on its transition to employee ownership. Price Bailey advised on the tax and finance aspects of the deal.
Stewart Noakes, Regional Director for Boardroom Advisors and Non-Executive Director for Damia Group helped Damia to select an EOT as the right option for its future. He said: “Businesses that give employees a stake and a say build trust and shared responsibility. This unites leaders and employees behind a common purpose and puts the business in a better position to flex and adapt. These are key qualities needed to help the UK build back better in the wake of Covid-19.”
Employee ownership is on the rise. According to the Employee Ownership Association, companies which are employee owned, or who have a large and significant employee ownership stake, now contribute £30 billion to the UK’s GDP.
