Kivells, a prominent Devon-based property firm with a history spanning over 140 years, has announced its transition to a hybrid employee ownership trust (EOT) model. The move, which combines elements of employee ownership with continued shareholder and senior management control, is designed to safeguard the firm's long-term independence and foster future growth.
Under the new structure, employees will gain an indirect stake in the business, aligning their interests more closely with the firm's success. Crucially, the existing leadership team and governance arrangements will remain in place, ensuring continuity. The executive board, comprising chairman Simon Alford, managing director Mark Bromell, and Mark Bunt, will continue to steer the company. They will be joined by new shareholders Dan Stokes and Thomas Rattray. Additionally, Russell Steer, Ian Caunter, and Tim Kivell will also become shareholders and assume expanded leadership responsibilities.
Mark Bromell, managing director at Kivells, described the transition as a "defining moment" for the company. He emphasised that the hybrid EOT model secures independence and integrates employees more deeply into the heart of the business, strengthening stability and ensuring continuity for clients. Simon Alford, chairman, highlighted the move as fulfilling a generational responsibility to leave Kivells stronger, protecting its independence and values established since 1885, while also creating a clear succession plan.
The firm has assured clients that day-to-day operations will not be affected by the change in ownership. Services will continue to be delivered by Kivells' existing local teams, maintaining the established relationships and operational standards. This approach aims to minimise disruption while embedding a new ownership structure that encourages collective responsibility and long-term vision.
The transaction was facilitated by Isca Ventures, who acted as lead corporate finance advisers, with taxation advice provided by Streets Bush and Cranedale Tax, and legal support from Spencer West and Carmen Partners. This strategic shift reflects a growing trend among long-established businesses to adopt models that secure future stability and reward employee contributions, particularly in a dynamic property market.