Directors' succession plan
20/20 looks to future with employee ownership
The move into employee ownership by 20/20 Project Management is all about putting solid foundations in place for the future of the business
Aberdeen-based 20/20 Project Management, a specialist provider of project management training, has become the latest Scottish business to announce its transition to employee ownership with 20 employees becoming owners.
The move is designed to help the board of directors at the Westhill headquarters develop their succession plan.
An Employee Ownership Trust (EOT) has been formed and holds 61% of the shares on behalf of the employees with the option to acquire the remaining shares in the future.
Commenting on the decision, founding director Tony Marks said: “Employee ownership allows myself and my fellow-directors to remain in the business as we continue to actively develop our future leadership team, with the knowledge that 20/20’s future is secure.
“We hope that with a highly-invested workforce, the company will continue to grow and succeed well into the future, with all employees sharing in the rewards.”
Emma Davidson, 20/20’s employee trustee, added: “The employees see this as a very positive thing. By becoming an employee-owned company, we feel empowered to create an environment that suits us as a workforce, ultimately increasing our productivity to bring 20/20’s success to the next level.”
The transition to employee ownership was supported by Co-operative Development Scotland (CDS), with the process managed by Ownership Associates, legal services provided by MacRoberts and accounting services by Campbell Dallas.
Sarah Deas, director at CDS. said: “It will help retain jobs and the company’s ethos, whilst allowing the owners to plan their future over time as they put an effective management team in place.”
20/20, which has an annual turnover of £3 million, delivers courses and consulting services throughout the world and also offers an online learning platform.
The company works with major names across a range of sectors including BP, Centrica, Transport for London, BAE, Rolls Royce and AMEC, as well as a range of public sector organisations.