Itec Training Solutions

  • Cardiff-based training business formed in 2007, which delivers apprenticeships to Welsh Government and others.
  • Transitioned to Employee Ownership in 2019, when it had a £2 million turnover and 150 staff.
  • Opted for Employee Ownership in order to preserve the company culture, identity and family atmosphere and to ensure buy-in from the workforce. The firm now has an Employee Forum, with a representative from each function of the business.
  • Took expert legal and accounting advice and was guided by the team at Employee Ownership Wales. Only the Finance Director and HR Director were involved in the process pre-transition, as the change was commercially sensitive.
  • The founders sold 100% shares to the Trust, with 25% reserved as share options for senior business members. The Finance Director and HR Director are both now trustees. One co-owner has now stepped back to working part-time, with long term plans to step away entirely.
  • Benefits: A smooth succession, the workforce is rewarded with profit shares, job security and continuity, and the business remains a Welsh company. There were also tax breaks for the company owner.
  • Learnings: Expert advice is essential. Clear and regular communication is key to ensure staff buy-in and reassurance, as well as client reassurance.