North Wales-based IT support services specialist, Pro-Networks, has announced its transformation into an entirely employee-owned business, following the retirement of founder and managing director, Paul Crudge.
From 4 March, Pro-Networks has become an Employee-Owned Trust (EOT) business. Each member of the company’s 35-strong workforcewho has worked there for at least 12 months is now a beneficiary of the EOT, which will hold shares on their behalf as long as they remain an employee of the company. Many of the employees are long-serving members of the team.
An established and successful business for more than 20 years, with 350 customers worldwide, Pro-Networks has joined a host of other companies across the UK, which have adopted this ownership model since it was first introduced by the Government in 2014. Renowned EOTs include John Lewis Partnership, Richer Sounds and Aardman Animations.
An experienced new board has been formed at Pro-Networks, consisting of new chief executive officer, Geoff Coote, and two non-executive directors, Ian Traynor and Stephen Blank, who will also be chair. The strong senior management team will continue to manage day-to-day operations and commercial aspects of the business from its headquarters in Deeside, with input from an Employee Advisory Council (EAC) member. This council will consist of a number of employees, including a chair and a representative of each department, enabling its members to listen, record and influence the management team.
Chief executive officer Geoff Coote said:
A great deal of effort and planning went into structuring this deal with the interests of customers and employees as the absolute priority. By gifting his shares in Pro-Networks to the EOT for the ultimate benefit of our employees, Paul has ensured his positive and long-lasting legacy. Each and every one of our valued employees has a genuinely vested interest in continuing to serve our customers to the very best of their ability. We are very excited for what lies ahead for us as a business following this change in structure.”
For further information on Pro-Networks and its move to an EOT business, visit www.pro-networks.co.uk
