Award-winning careers guidance business Morrisby Limited has announced its transition to employee ownership via an Employee Ownership Trust (EOT).
The company www.morrisby.com was established in 1967 as an independent family-owned business developing and selling psychometric assessments to employers in support of their recruitment process.
Over time, and in response to changing markets and emerging technologies, the company pivoted to supporting the delivery of careers and destinations guidance; Morrisby products are now used in over 1500 schools, colleges and sixth forms worldwide, and help over 200,000 students annually explore career, apprenticeship, and higher education opportunities.
The company’s latest product release, Morrisby Higher, won the award for “Best Use of Technology in Career Development” at the 2023 Career Development Awards.
Heir to the business Malcolm Morrisby has now sold the majority of his shares to Morrisby Trustees Limited, the name of the Employee Ownership Trust (EOT). The EOT now holds the shares on behalf and for the benefit of Morrisby employees. The transition to employee ownership was completed on 23 October 2023.
Reflecting on his decision to establish employee ownership (EO), Malcolm commented: “I have always felt that the success of the business over many decades has been a product of the hard work of everyone who worked or who has worked here. I am incredibly grateful to have been able to work alongside such committed and talented people for so long, and felt it was only right that, as I take a step back, they should be able to benefit from the change of ownership and be part of the company’s future.”
The transaction was facilitated by law firm Postlethwaite Solicitors, specialist share scheme and employee ownership lawyers. David Reuben, Director at Postlethwaite and who worked on the transition commented, “employee ownership is now part of the mainstream and continues to grow at pace in the UK, with over 1650 companies estimated to now be owned by an EOT. Many companies are now actively embracing a change in culture which recognises that EO, by channelling employees’ know-how, giving them a voice and greater rewards for success, makes them part of the company’s future.
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