An estate agency that is more than 100-years old is marking moving to a hybrid Employee Ownership Trust (EOT) model.
Rural agency Kivells, which has operated in Cornwall and Devon since 1885, has unveiled a new structure that combines employee ownership with continued senior management and shareholder involvement.
Under the new model, staff will get an indirect stake in the business.
CLIENT CONTINUITY
The brand says clients and stakeholders can expect full continuity in service, relationships and local decision-making.
The Executive Board of Directors, all of whom are shareholders, – Simon Alford (chairman), Mark Bromell (managing director) and Mark Bunt are joined by new shareholders Dan Stokes, and Thomas Rattray – who will continue to lead the business.
As part of this next phase, Russell Steer, Ian Caunter and Tim Kivell will become shareholders and take on more senior leadership responsibilities, further strengthening the management team and supporting the continued growth and development of the business.
DEFINING MOMENT
Brommell says: “This is a defining moment for Kivells. The introduction of a hybrid employee ownership model secures our independence while bringing our people even closer to the heart of the business. It strengthens long-term stability, rewards contribution, and ensures continuity for our customers. Day to day, it remains business as usual—but with a clearer, stronger future ahead.”
Alford adds: “Every generation has a responsibility to leave Kivells stronger than it found it. The move to a hybrid Employee Ownership Trust achieves exactly that. It protects the independence and values that have defined Kivells since 1885, creates a clear succession for the future, and ensures the business continues to be led by people who are fully invested in its long-term success.”
EXPERT ADVICE
Isca Ventures acted as the lead corporate finance advisers on the transaction, with taxation advice provided by Streets Bush and Cranedale Tax, and legal support provided by both Spencer West and Carmen Partners.
Mark Champion, partner at Isca Ventures, says: “We were delighted to put this transaction together, facilitate an expansion of management and employee ownership and deliver a long-term ownership structure for Kivells. This transaction crystalises a long association between Kivells and the Isca Ventures corporate finance team which has assisted in providing strategic advice to the management team over the last few years.”
