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IT business becomes employee-owned

North Wales-based IT support services specialist Pro-Networks, has announced its transformation into an employee-owned trust (EOT) business following the retirement of Founder and Managing Director, Paul Crudge.

Each member of the company’s 35 strong workforce who 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 experienced new board has been formed consisting of 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 member. This council will consist of a number of employees enabling its members to listen, record and influence the management team.

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.”