Edinburgh based IT Company, becomes Employee Owned
Edinburgh based IT Consultancy and Managed Services firm, Quorum Network Resources Ltd will make the move to employee ownership on Friday 29th March, with an employee trust owning the majority of shares in the business on behalf of Quorum’s 100 employees. The company currently provides a variety of IT services to a variety of UK wide firms, in various industries including banking, legal and the oil industry.
Co-founders Andrew Watson and Charles Scott will retain a small number of share options in the company and will continue in the roles of Chief Executive Officer and Chief Operating Officer respectively. As Quorum has continued to grow and thrive very successfully against a turbulent political and economic backdrop, the pair began to consider what the future of the company would look like. Employee Ownership allowed them to initiate a succession plan well ahead of any actual exit.
Transitioning to Employee Ownership offered Quorum a graceful way of keeping the company running in its current form and guarantees that employees have input into and can benefit from future changes.
Charles Scott said, “If a company is acquired there is normally either a rationalisation of roles or a clash of cultures that directly impacts the employees and customers of that company which is something we never want to happen”
This move not only rewards employees in the future, but ensures the security of the business, while maintaining Andrew and Charles’ main aim of keeping Quorum growing and thriving.