Kivells, a prominent property firm based in Devon with roots tracing back to 1885, has announced its transition to a hybrid Employee Ownership Trust (EOT) model. This innovative ownership structure is designed to integrate employee ownership within the existing framework of shareholder and senior management control, securing the company's long-term independence and future growth trajectory.
Under the new hybrid model, employees will gain an indirect stake in the business, fostering a closer connection to its success and stability. Crucially, the firm has confirmed that its established leadership team and governance arrangements will remain in place. The executive board will continue to be led by Chairman Simon Alford and Managing Director Mark Bromell, alongside Mark Bunt, with new shareholders Dan Stokes and Thomas Rattray joining the fold. Russell Steer, Ian Caunter, and Tim Kivell will also become shareholders and take on expanded leadership roles as part of this strategic transition.
The move is part of a broader trend within the UK property sector, where firms are increasingly exploring alternative ownership structures to ensure continuity and succession planning. Kivells has emphasised that this restructuring will not impact its day-to-day operations, ensuring clients continue to receive services from their existing local teams. Mark Bromell, Managing Director, highlighted the significance of the shift, stating it's a "defining moment" that secures independence and brings employees "closer to the heart of the business," strengthening long-term stability and rewarding contributions.
Simon Alford, Chairman, underscored the responsibility of each generation to leave Kivells stronger, noting that the hybrid EOT achieves this by protecting the firm's independence and values while creating a clear succession path. This approach ensures the business remains led by individuals deeply invested in its long-term success. The transaction involved several advisory firms, with Isca Ventures acting as lead corporate finance advisers, Streets Bush and Cranedale Tax providing taxation advice, and legal support from Spencer West and Carmen Partners.
This hybrid EOT model offers an alternative succession planning route for property firms, allowing founders to transition out while maintaining operational continuity. It reflects a growing recognition across the industry of the benefits of employee engagement and stable leadership in a dynamic market. For the UK property sector, which has seen varied performance across regions, such structural changes can provide a bedrock of stability. For instance, while national average house prices have seen fluctuations, with Rightmove data indicating a recent softening in asking prices in some areas, regional firms like Kivells continue to play a vital role in local markets, where demand can remain robust, particularly in desirable areas like Devon.