Day latest to become employee owned
The Manchester-based architectural practice has changed its structure so that it is fully owned by its employees.
Under the arrangement, 100% of its shares are to be held in trust, for and on behalf of its current and future employees. Day Architectural has 82 staff at present.
DAY said in a statement on its Linked In page: “[DAY Architectural] officially becomes entirely employee owned. This represents a shift in the company’s ownership structure, whereby 100% of the shares will be held in trust, for and on-behalf of all the current and future employee beneficiaries.
“While this is a pivotal change to the ownership structure of the business, the day-to-day operations will remain unaffected and to the outside world, business remains as usual.
“This marks the start of an exciting new chapter for DAY and all our employees. We view this step change as a way of safeguarding the longevity of Day Architectural and an opportunity to provide a sustainable future of continued growth, development, progression and success for the company and our team in our years ahead.”
DAY is the latest in a string of property organisations in the North West to have restructured their ownership in this way.
In the past 18 months, industrial agency B8 Real Estate, Crookes Walker Consultancy, Liverpool-based consultancy Curtins, multidisciplinary consultancy Hollis, Chadderton-based builder J Greenwood, and Ancoats-based Triangle Architects, have all made the switch to become employee-owned trusts.
The landscape and urban design studio Planit-IE announced its intention to become employee owned last July but has not yet completed such a move.
The employee ownership model is cited by many as a way of retaining talent, becoming more agile and open to change, and protecting the business for the longer term.
DAY, which turned 10 years old this year, has designed a number of schemes across the North West, including the Citadels – a new campus for the University of Cumbria in Carlisle; Royal George Village in Stockport – Investar’s redevelopment of part of the town’s college campus, and the interiors of the Avenue HQ co-working space in Liverpool.
