What is the story about?
What's Happening?
Jesmond Engineering, a consultancy firm based in Brough, has transitioned to an employee ownership trust (EOT) model. This move allows all employees to become participants in the ownership structure, which aims to secure the company's future. Founded in 2004, Jesmond provides engineering and bespoke software services to clients in the UK and internationally, with a strong presence in aerospace and expanding interests in biotechnology, chemicals, and renewable energy. The transition to an EOT is seen as a way to reward the commitment of the team and enhance the company's innovative capabilities.
Why It's Important?
The shift to an employee ownership model is significant as it aligns with a growing trend in the UK, where approximately 2,250 companies have adopted EOTs. This model is designed to improve employee engagement, support succession planning, and enhance long-term business performance. For Jesmond Engineering, this transition could lead to increased innovation and productivity, as employees are more directly invested in the company's success. The move also reflects a broader shift towards more democratic business structures that can potentially lead to more sustainable and resilient companies.
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