International law firm Womble Bond Dickinson (WBD) has advised Newcastle-based Drummond Central, a 60-strong independent creative agency, on its transition to employee ownership. This sees the business being acquired by a newly formed Employee Ownership Trust, thus ensuring it continues to run in a way that protects the agency and all its people.
Jeremy Smith, Tax Partner at Womble Bond Dickinson, comments:
"Recent years have seen a sharp focus on the benefits of employee ownership – from talent retention and increased productivity through to greater innovation and accelerated business growth. It has been a pleasure working with Drummond Central on its exciting transition to an employee-owned business and we wish the agency and its people the very best for the future."
Julie Drummond, founder of Drummond Central, adds:
"When we explored what an 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. We're grateful to the whole Womble Bond Dickinson team for their expertise and thorough guidance throughout this process."
WBD has a strong corporate practice across the UK advising regional, national and international clients on a range of transactions including M&As, IPOs, MBOs, joint ventures, private equity investments as well as growth and development capital fundraisings. Learn more about our Corporate team here.