“JDDK constantly prove that they are an organisation for their people, which is why an employee ownership trust structure is perfect for them going forward,” says Jonathan.
From initial discussions to supporting the firm with HMRC tax clearances, reviewing legal documentation, providing cashflow modelling and company valuations required for the move, Haines Watts have been by the side of JDDK throughout the transition to EOT. "We supported JDDK and their team, because this is for the benefit of the employees after all," says Jonathan.
“Haines Watts have been really helpful in advising us, taking us through various options of what we could do with the business and its structure,” says Nicky. “The change to the EOT is really exciting for our business,” she adds, “we’ve always been very open in terms of how we run the business with the people who work here and it feels almost like a natural step to become an EOT."
"There’ll be some financial benefits for the employees, who are able to have some tax relief on some bonus payments and in the long term, they will have an opportunity to influence how the business developments in the future.”
When it comes to the future of the business, the firm’s sights are set firmly on the next generation. “You always feel a bit of a custodian of JDDK, that you’ve got to hand it on to the next generation and that’s been our philosophy from the beginning. And it feels as if, as custodians, we’ve set a solid foundation to move forward. And that’s really exciting to me,” says Kevin.