Manchester-based built environment publisher Place North West has moved to an employee ownership model.
The 14-strong PNW team has acquired the business from founder Paul Unger, who exits as a shareholder while remaining a full-time director. Existing directors Dino Moutsopoulos and Kirsty Butcher will remain in post, also becoming joint managing partners and retaining separate stakes in the business alongside the majority-controlling employee ownership trust.
Unger told the PNW website: “Place has been my baby since I began publishing more than 15 years ago, and it’s wonderful to be able to protect it with an employee ownership trust. The team is such a strong one now that the discussion around EO became more attractive as a succession option as time went on.
“With the help of Stuart Stead and his team at Cowgills, and Andrew Harrison at Co-ownership Solutions, we were able to navigate through the process painlessly and start this new chapter with a bright future for all of us.”
Place North West Limited also incorporates the trading brands of Place North, Place North East, Place Yorkshire and the original Place North West. Its most recent, 2022, filing at Companies House revealed turnover and cash reserves of just short of £1.5m.
Employee ownership is a government initiative launched in 2014 that offers founders a tax-efficient way of selling while protecting the culture of the business. Employees can earn tax-free annual bonuses if the business is successful, as well as serving on the trust board and being involved with the day-to-day running of the company.
Other Northern media and digital companies to have adopted the employee-owned model recently include Newcastle’s Drummond Central in April and Manchester’s Creed Communications in late 2022.
