A hospitality recruitment agency has become 100 per cent employee-owned in a move described as a "natural evolution."
Catering Services International (CSI), which operates across Swindon and Wiltshire, made the transition through an Employee Ownership Trust (EOT) at the start of October.
The company, founded more than 35 years ago by Andrew Berman, said the change means all employees will now hold a stake in the business.
Andrew Berman, founder and managing director of CSI, said: "I am immensely proud of CSI, a unique business which has taken 35+ years to create.
"I am confident the transferral of ownership to its employees is an excellent strategic move, which acts to recognise and reward everyone for their instrumental contribution.
"A natural evolution of a business, which shall now be owned and defined by its exceptional workforce.
"The transition shall guarantee the unique culture and enable the team to drive innovation amd growth."
CSI has grown from a small operation in Bath to a network of 11 regional offices across the South of England, including Brighton, Bristol, Cardiff, Cheltenham, Coventry, Oxford, Reading, Southampton, and Swindon.
The move to employee ownership is in line with a growing trend across the UK, with increasing numbers of businesses choosing this model as an alternative to more traditional succession planning.
Ben Watson, partner in national law firm TLT’s employee ownership team, said: "CSI’s transfer to an Employee Ownership Trust is the latest success story for the ever-popular employee-owned model.
"The model is seen as an increasingly attractive exit option for business owners, and for CSI, it offers a wealth of benefits including retaining long-standing employees, providing a sense of belonging and boosting dedication, as well as ensuring the business retains its culture and values.
"It was a pleasure to support CSI on its transfer to an Employee Ownership Trust model and to play a central part in opening the door on its next phase of growth."
An Employee Ownership Trust holds a company's shares on behalf of its employees, who then benefit indirectly from the company’s success.
CSI’s senior management team, many of whom have been with the company for more than 20 years, will continue to lead the business.
Colleagues Sarah Davis, Philip Hobson, and Matthew Stephen said: "We're more than excited by the employee ownership prospects.
"This structure will enable our team to feel even more engaged, knowing they're building something they truly own."
