Founders of Weald IT hand ownership to Employees in Landmark Move
Founders of Weald IT hand ownership to Employees in Landmark Move
In a significant development, Mike Nelson and Barry Poulton, the founders of Weald IT (Weald Computer Maintenance Ltd.), have transitioned the company to employee ownership. Effective 25th March 2025, all shares have been transferred to an Employee Ownership Trust known as Weald Trustee Company Limited.
Protecting Employees and Preserving Legacy
To safeguard their employees and maintain Weald IT’s established legacy, the founders opted for employee ownership, rejecting numerous offers from venture capital-backed IT giants. These potential acquisitions threatened to disrupt client relationships and dismantle the company’s unique culture. The creation of an Employee Ownership Trust prevents the cultural shifts, relocations, and client relationship losses often associated with such takeovers.
Leadership Transition
While Nelson will remain as managing director for the foreseeable future, day-to-day operations are already managed by Directors Hazel Morris and Tom Winchester. They are set to eventually succeed him though Nelson may remain involved in the longer term as FD.
The trust will be overseen by seven trustees including Mike Nelson, Barry St. John-Poulton, Tom Winchester, Hazel Morris, Rob Smith, Hannah Smith and TCKJ Trustees Limited.
The trust’s structure will empower employees with increased influence over the company’s direction, while maintaining the established ethos through defined parameters.
A Commitment to Employee Ownership
Weald IT joins a growing list of UK companies adopting the employee ownership model. According to the European Federation of Employee Shareholders, 1,756 businesses across the UK have transferred ownership to 124,000 employees via employee ownership trusts (EOTs) as of July 2024.
A Legacy of Loyalty
“I believe my loyal and diligent colleagues are best positioned to carry this business forward,” Nelson affirmed. “They’ve invested their time and energy, and deserve to see it thrive. Selling to the highest bidder would risk losing the unique culture and expertise they possess.