Penryn-based copywriting agency Radix Communications is now owned by its employees, after setting up an Employee Ownership Trust (EOT).
Founded in 2007, Radix has risen to become one of the UK’s leading specialist B2B copywriting agencies, writing marketing content for technology companies worldwide. Directors Sophie Reynolds and David McGuire have sold 100% of the company’s shares to the new trust, which will hold them for the benefit of all employees.
Reynolds said: “As Radix continued to grow, it became clear that our hardworking people deserved to benefit more directly from their success. We’re one team, and this new structure feels like a good reflection of that. Now we’re ready for the next step of the journey.”
Reynolds and McGuire will stay responsible for running the day-to-day business while, as sole shareholder, the trust will give employees a powerful say in the strategic direction of the company. It will also be able to pay staff bonuses based on profits.
The two directors will be joined on the board of the new trustee company by two elected employees, Nick Prescott and Ben Clarke. SouthWestFD regional director and long-time Radix advisor Jeremy Kirk completes the board.
Employee trustee director Ben Clarke said: “We’ve always known that Radix values our perspectives as employees, but with the creation of the trust, it really feels like we have an even greater stake in the company’s direction and success. Nick and I are excited to be representing the rest of the team.”
Documents to establish the trust and complete the transfer were prepared by Cornish law firm Murrell Associates. Lang Bennetts was also a key advisor on the transaction.
Henry Maples and Nikki Reid from Murrell Associates, who assisted on the transaction, added ” it was great to work with the team at Radix and we are really pleased to see the business transition to a new stage of ownership.”
The above Press release originally appeared in Business Cornwall on the 11th January 2022