AN INDEPENDENT creative agency specialising in complex healthcare marketing has transferred its entire shareholding to an Employee Ownership Trust (EOT).

Yorkshire-based JMP Partnership (Holdings) Limited (‘JMP Health’) has become the latest company in the county to become employee owned.

It is a full service design agency which brings healthcare marketing to life for a range of customers nationwide with long-standing client relationships the cornerstone of its continued success.

The business was founded in 1993 by Phillip Barrow and Judith Barrow and was later taken on by Paul Russell.

Mr Russell is remaining as managing director and executive creative director of the business following the transfer of 100% of shares to its workforce through a trust.

Top 10 UK accountancy Azets in Yorkshire provided deal and tax advisory services and Yorkshire law firm Ramsdens Solicitors provided legal advice.

The team comprised corporate finance partner Tariq Javaid and tax senior manager Karen Sadler at Azets along with Stephen Newman at Ramsdens.

JMP Health managing director and executive creative director Paul Russell said: “Transferring ownership into the team at JMP Health ensures its culture and values live on for next chapter in the company’s life.

“Over the years we have adopted a policy of growing our talent and empowering the team to make decisions themselves and the company’s success is reflective of this.

“It is just reward for the hard work and talent of the team who have played such an important role in the success of the business over more than 30 years.

“We can together look forward to an exciting future with further growth and continuity of service for our valued customers in the healthcare sector.

“My thanks to go to Azets and Ramsdens for their advice and expertise throughout the process.”

Azets corporate finance partner Tariq Javaid said: “JMP Health is a highly successful business which is well suited to employee ownership with a family culture, strong values and a deeply committed team of visionary designers.

“It is a great Yorkshire success story based on high-quality hybrid design services and exhaustive expertise in a complex and specialist field.

“It has been a privilege to work with Paul in assisting with the transition to an EOT, which allows JMP Health to look forward to the future with great confidence as employee-owned business.”

JMP Health is based in Beverley. Its hybrid services include branding and design, advertising, digital, film and animation, 3D, exhibition design, virtual reality and print.

EOTs have been growing in popularity since they were introduced by the government in 2014.

An EOT structure enables a company to become owned by its employees through the creation of a trust which becomes the majority owner of the business.

EOTs can be an effective means of succession planning and a tax efficient alternative to more conventional exit routes for shareholders.

According to the Employee Ownership Association, there are 1,650 EOTs in the UK. Its newly published manifesto of May 2014 reveals that EOTs deliver an average 20% performance increase and 43% revenue uplift.

Azets has three offices in Yorkshire, in Leeds, Bradford and York, where it employees 334 people.