A well-known creating agency in the North East is becoming an employee-owned business.
Newcastle firm Drummond Central, which has a staff of 60, has made the change as it approaches its 20th anniversary, with founders Julie and Stephen Drummond selling their shares to a newly-formed employee ownership trust.
Mrs Drummond said: “Steve and I are incredibly proud of the business we’ve built, the culture we’ve established and the work we produce for our clients. But Drummond Central has been about more than the two of us for a while now, and this felt like the right way to protect everything we’ve worked so hard to build.
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“We’ve had numerous approaches in the past to sell the business, but it never felt like the right thing to do. When we explored what employee ownership meant for us as founders, and for the people who have been a part of our growth and our success, it just clicked.
“We couldn’t think of any better people to be responsible for the future of the business than the people who’ve helped us get to this point.”
Mr and Mrs Drummond worked with Womble Bond Dickinson, KPMG and Robson Laidler on setting up the trust, which will benefit all staff equally and pay tax-free bonuses if various business criteria are met. Drummond Central - which hit national headlines in 2016 when it livestreamed a puddle that could be seen from its offices - has secured a new number of high profile clients in recent years. It produces advertising for global and national clients including Greggs, KitKat, Amazon Prime and bet365. It also creates digital platforms, websites and solutions for clients including Canterbury Cathedral, Northumbria University and END Clothing.
Mrs Drummond said: “We hope that this shows our commitment to our people and our clients. It’s something we believe will help us retain our brilliant people and attract more talent as we continue to grow. We have big ambitions for the agency and our clients, and this is an exciting time for Drummond Central.”
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