Warrington-based interior design and fit-out business Claremont has transferred its ownership into the hands of employees.

Becoming an Employee Ownership Trust (EOT) means Claremont can focus on succession planning and also reward the efforts and contribution of its team.

Similar to the model used by The John Lewis Group, it enables employees to buy the company from shareholders without using their own funds and keeps exiting directors in situ post-disposal for maximum stability.

Under the new structure, 50.1 per cent of the company’s shares will be held in the EOT. The remaining 49.9 per cent sits with the board, which will now include Claremont’s most recently appointed directors Matt Riley, Richard Brook, Patrick Ames and Natalie Davies.

The move comes with Claremont on track to achieve £34.5m turnover for this financial year, up £10m on 2019/20.