MindWorks Marketing Agency
"Over the years, we have built a strong caring ethos at MindWorks. By setting up an EOT, I can ensure this ethos continues as the new agreement specifies that the trust will be guardians of these brand values and responsible for overseeing the success of the company."
- John Harris-Burland, Founder, MindWorks Marketing
The Business
Founded in 1998 and based in Emsworth on the South Coast, MindWorks provides integrated marketing, design, events and public relations services to a range of UK and international businesses.
Its clients over the years have included Rolls-Royce Motor Cars, Suzuki, the Royal Navy and the University of Warwick.
Why Employee Ownership (EO)?
MindWorks' founder, John Harris-Burland, had for some time been exploring how he could retire from the business.
His goal was to find a buyer who would give a high priority to continuing the Company’s values, which relate to brand values, how members of the MindWorks team work together and how they are managed. Although MindWorks is a company that would be attractive to many buyers, it was proving difficult to find one that offered the same alignment of values.
John began to consider employee ownership, and after careful exploration concluded that it presented the best succession solution for MindWorks, his colleagues and himself.
How Does it Work?
MindWorks Marketing took a hybrid approach to employee ownership. The Employee Ownership Trust (EOT) purchased 92%. Following grants of options over new shares by the Company, the EOT's holding was 75%, optionholders with 19% and the founder shareholder 6%. However after two of the Directors sold their holdings back to the trust, the EOT now owns 80%.
The EOT’s role is to ensure that MindWorks Marketing is successfully run as an employee-owned company, fostering and continuing engagement and encouraging a leadership style in which colleagues’ views, ideas and questions are listened to and taken into account in decision making.
The EOT is run by its trustees, as the beneficiaries of the EOT are the Company’s employees as a whole, the trustees have a duty to act in the best interests of their colleagues.
As well as acting as guardians of the MindWorks values, their role is also to ensure that the Company is well managed, ensuring that it generates strong profits which can be shared and invests in the future.
