Blackpool recruitment firm goes employee owned

Neil Smith
Neil Smith

Recruitment and payroll services group Kinetic, which has an office in Blackpool, has followed the John Lewis model by becoming an employee-owned company.

Managing director Neil Smith said the move would preserve the culture and independence of the group while ensuring staff share in its success.

Neil, 58, a former president of Greater Manchester Chamber of Commerce, was the majority shareholder with a 75 per cent stake. The family of the late founder Terry Maunder held the remaining 25 per cent.

The shares have been transferred to an employee ownership trust but Neil said it is business as usual, with the current directors and managers remaining in charge of the day-to-day running.

The group has its headquarters in Stretford and operates from eight other offices including its manufacturing and engineering division in Blackpool. It employs 62 and generated revenues of £22m in its latest financial year.

Neil (pictured) said: “The employee ownership trust model is an ideal fit for us. The shares will be held by the trust for the benefit of all employees, but it is business as usual.”