Financial planning firm Paradigm Norton has introduced a new employee ownership structure that means all 65 of its staff now have a financial stake in the business.
The Bristol, London and Torquay firm has transferred to an ‘employee ownership trust', which it said was designed to future-proof it against senior shareholder retirements and provide stability and security for both clients and its team.
The firm has worked with London law firm Field Fisher since 2017 to prepare for the move to collective ownership. The transition was completed this year, with 80% of company shares being sold to the employee ownership trust.
Paradigm Norton will continue under the same leadership team led by founder and CEO Barry Horner (pictured). The board will include Horner, two employees appointed by the wider team and three employees appointed by the holding company board. Former Employee Ownership Association CEO Patrick Burns has been appointed as independent chair.
Horner said: "This is a really exciting move for Paradigm Norton, enabling us to realise our ambition to become a trans-generational business.
"The collective ownership by all the team secures the future of the business and our core values, meaning we can long outlast the founders and senior team without the threat of a takeover or sale that could result in a dramatic change in business culture."
Horner said using such a model would enable the firm to continue to serve its clients into the next generation.
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