Staff share ownership of Rowan Dartington has doubled to 30% after the management released equity to ensure employees remain incentivised.
The move was triggered by staff, who approached the board six months ago asking if they could personally invest in the business. After consultation, existing shareholders, including chief executive Graham Coxell, agreed to a reduction in their holdings to enable this.
Coxell told Wealth Manager the shares, which staff purchased at market value were oversubscribed. The shares were snapped up at a premium to Rowan Dartington's value at its acquisition last March.
Outlining its plan, Coxell (pictured) said the group is currently finalising arrangements for the transfer of equity, which will see its 100-strong team’s ownership of the firm, excluding Coxell, rise from 15% to 30%.
The employee ownership is spread across a wider catchment, with members of the compliance, operations and support staff given an interest in the future of the firm.
Coxell said the vote of confidence in the business has made him proud.
‘This provides evidence that, despite the uncertain macro conditions, there is confidence in both our people and future, which is very humbling.’
Rowan Dartington has an ambitious growth strategy, which could see it make acquisitions as it looks to grow its regional presence, although Coxell said organic growth remains the key focus.