Richmond & Towers creates employee ownership trust
Food and drinks public relations agency Richmond & Towers (R&T) is now wholly owned by its workers after creating an employee ownership trust.
Public relations agency Richmond & Towers is now wholly owned by its employees
The agency, which works with Pernod Ricard-owned Irish Distillers, Havana Club rum and Altos Tequila, has launched the Suzanne Richmond & Marjorie Towers Employee Ownership Trust. It was named in honour of the company’s 1930 founders.
“This is a very exciting day for our business,” said chief executive Nikki Thomson. “We think we are the first top 150 PR agency to be 100% employee-owned, reflecting the pioneering attitude that has kept the business successful for so long.”
Following the sale, former CEO Rob Metcalfe has been named chairman, Thomson becomes chief executive and Matt de Leon was promoted to managing director.
“We believe employee ownership is the right model for a forward-looking company like ours, where so much is dependent on our people as individuals and the way they work together as a team,” added Thomson.
“Rather than working for a small number of shareholders, everyone at R&T is now working for themselves and for each other. We are sure that our clients will see the benefit of this approach too. All the comments that we have said so far are incredibly positive.”