The chairman and founder of the Leicester-based Westerby Group, Les McLintic, has transferred the company to an Employment Ownership Trust (EOT).
The Westerby Group’s employees are now potential beneficiaries of any future profits the company makes. To achieve this, all the ordinary voting shares in the company, of which Les McLintic owned the controlling interest, have been transferred into the trust.
Founded in 1986 with just three employees, the Westerby Group is today comprised of three businesses. Westerby Investment Management Limited is based in Andover Street in Leicester city centre. Westerby Trustee Services Limited and Westerby Pension Administration Limited operate from The Crescent, King Street. The Group also has offices in Weymouth and Manchester, with a total workforce of over 100 people.
Westerby Investment Management Ltd is a provider of specialist financial, taxation and independent investment advice. Established in 1996, Westerby Trustees Services Ltd are experts in the trusteeship and administration of Self Invested Personal Pension Schemes (SIPP), whilst Westerby Pension Administration Ltd specialises in the trusteeship and administration of Small Self-Administered Schemes (SSAS).
“The time is right for me to transfer my shares for the benefit of our very dedicated, enthusiastic and hard-working employees,” said Les McLintic. “We have thrived through the many challenges over the past four decades to become the flourishing, successful business we are today. I firmly believe that my decision to give our staff this meaningful stake in the future of Westerby is the best way to build on our legacy of success in future decades.”
