Employee ownership model for IT firm

A North East IT company has transitioned to employee ownership, ensuring stability and continuity for its staff and customers as its founding directors prepare for retirement.

Gateshead-based Transcendit, which was founded in 2000 and specialises in IT support, web design and app development for clients across the UK, is now owned by the newly established Transcendit Limited Employee Ownership Trust (EOT).

The decision allows employees to have a greater say in business decisions, with benefits including tax-free bonuses of up to £3,600 annually, with the move reflecting the company’s ethos and commitment to prioritising employees and clients over potential risks associated with third-party ownership.

Directors Dick Davies, Tom Tinsley, Adam Kuznesof, Dave Scott and Lee Irving have implemented regular employee council meetings, giving staff a platform to contribute to the company’s direction. Business support manager Helen Littlewood has also been elected as the first employee trustee director.

Transcendit’s directors have stated that the ownership transition will change very little for their customers, and that their intention is to ensure the longevity and stability of the company. 

Adam said: ‘We’re pleased to announce that Transcendit has moved into employee ownership and believe that this decision will be enormously beneficial for our current and future employees.”

Dave added: ‘We’re incredibly proud of the organisation that we’ve built with our employees and customers, as well as the values that Transcendit has been built on.

“We believe we’ve created a great business, and after we step down, we think this will help Transcendit continue being a great business.”

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