Devon-based property firm Kivells has transitioned to a hybrid employee ownership trust (EOT) model, combining employee ownership with continued shareholder and senior management control.
The new structure gives employees an indirect stake in the business while retaining the existing leadership team and governance arrangements.
Kivells, established in 1885, said the move is intended to support the firm’s long-term independence and future growth.
The executive board will continue to lead the business and comprises chairman Simon Alford, managing director Mark Bromell and Mark Bunt, alongside new shareholders Dan Stokes and Thomas Rattray.
As part of the transition, Russell Steer, Ian Caunter and Tim Kivell will also become shareholders and take on expanded leadership responsibilities.
Kivells said the new ownership model will not affect day-to-day operations, with clients continuing to receive services from the firm’s existing local teams.
Mark Bromell, managing director at Kivells, said: “This is a defining moment for Kivells. The introduction of a hybrid employee ownership model secures our independence while bringing our people even closer to the heart of the business. It strengthens long-term stability, rewards contribution, and ensures continuity for our customers. Day to day, it remains business as usual—but with a clearer, stronger future ahead.”
Simon Alford, chairman at Kivells, commented: “Every generation has a responsibility to leave Kivells stronger than it found it. The move to a hybrid Employee Ownership Trust achieves exactly that. It protects the independence and values that have defined Kivells since 1885, creates a clear succession for the future, and ensures the business continues to be led by people who are fully invested in its long-term success.”
Isca Ventures acted as the lead corporate finance advisers on the transaction, with taxation advice provided by Streets Bush and Cranedale Tax, and legal support provided by both Spencer West and Carmen Partners.
Mark Champion, partner at Isca Ventures, added: “We were delighted to put this transaction together, facilitate an expansion of management and employee ownership and deliver a long-term ownership structure for Kivells. This transaction crystalises a long association between Kivells and the Isca Ventures corporate finance team which has assisted in providing strategic advice to the management team over the last few years.”
