Trust holds majority of shares
IT consultancy Quorum opts for employee ownership
An employee trust will own the majority of shares in the Edinburgh-based business on behalf of the company’s 100 employees who provide services to various industries including banking, legal services and the oil industry.
Co-founders Andrew Watson, pictured, and Charles Scott will retain a small number of share options in the company and will continue in the roles of chief executive and chief operating officer respectively.
As Quorum has continued to grow and thrive against a turbulent political and economic backdrop, the pair began to consider what the future of the company would look like. Employee Ownership allowed them to initiate a succession plan well ahead of any actual exit.
Mr Scott said: “If a company is acquired there is normally either a rationalisation of roles or a clash of cultures that directly impacts the employees and customers of that company which is something we never want to happen.”