Rubicon crosses over to employee ownership and new name change

Dorset’s Rubicon Recruitment Group has become employee-owned, giving its 30 employees (pictured) ownership of 100% of the business through an Employee Ownership Trust.

To reflect the change, the Poole-based recruiter has also changed its name to Rubicon People Partnership. Lloyd Banks, founder of Rubicon, will stay on in the business for at least five years.

“Employee ownership is a natural progression for us,” explains Banks. “Many of my colleagues have worked with me for a long time, and the continuing success of the business, especially during such turbulent times, is a result of an extraordinary team effort. Employee ownership rewards that effort whilst ensuring that future successes are reimbursed, and it safeguards the extraordinary culture that drives our business.”

Whilst all of Rubicon’s employees have always helped power the business, employee ownership formalises the arrangement, providing every employee an equal voice at quarterly meetings. An employee representing the Employee Ownership Trust will sit on the Board, and employees, who are now known as partners, will also enjoy an equal share of the business’s profits.

“With a more traditional trade sale, it would be very likely that jobs would be lost and the incredible culture we’ve built up over the years put at risk,” Banks adds. “Employee ownership protects jobs, retains our culture, provides clients with even more confidence in service delivery commitments and will be a catalyst for growth. It also gives us additional resilience to face the challenges and opportunities ahead.”

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