Expanding ITWORX opts for employee ownership
Philip Mowatt and Jill Ross have marked a major milestone
North East IT provider ITWORX is switching to employee ownership, with 17 staff given a stake in the business.
Established in 2010 by Philip Mowatt and Jill Ross, the Aberdeen firm has recently expanded into Dundee and Angus and last year had a turnover of £2.6m.
Jill explains: “Ten years into ITWORX’s journey, we were in a great position – financially stable with a solid client base and a skilled and dedicated team. Looking ahead to the next decade, we wanted to use this strong position to reinvent some aspects of the company that would bring about long-term benefits.”
An Employee Ownership Trust has been formed and holds 100% of the shares on behalf of the employees.
The transition to employee ownership was supported by Co-operative Development Scotland (CDS), with the process managed by Co-ownership Solutions and legal services by Lindsays.