Praetura Commercial Finance were delighted to support Challenge-trg Group in their recent transaction to employee ownership.
The 400-strong North West recruitment business, with 25,000 temporary workers on the payroll, truly puts people at the centre of what they do and becoming employee-owned was a natural progression to fulfil their vision. Praetura Commercial Finance were pleased to collaborate with colleagues at Praetura Asset Finance and structure a facility to support their evolution.
Founded by brothers Tom and Richard Cropper in 2011, the business has grown organically alongside a strategy of mergers and acquisitions of ethically aligned businesses.
Tom Cropper, previously chief executive at Challenge-trg Group, who has moved to chair of the business, said: “My brother and I began this journey with great ambition, but always focused on being a good employer with people at the heart of everything we do. We take great pride in being able to transfer our stewardship into the hands of our amazing team, which critically ensures continuity for our clients whilst building on our industry leading people vision.
“We’re creating a structure that meets all the requirements of becoming an Employee-Owned Trust, but also going further, developing increased communication channels through formal employee forums and representation, providing a greater voice across the business. It’s a really exciting time for our people at every level of the company – we wouldn’t be where we are today without them, and we are grateful to every single one of them who put their heart and soul into our business.”
Steve Imber, who has been promoted to CEO of Challenge-trg Group, added: “What an exciting time for our business and all our staff. I’m thrilled to be taking on this role and continuing Tom and Rich’s vision.
“We specialise in creating jobs for people around the country – which couldn’t be more essential in these turbulent economic times. But to be able to move the business into the hands of our employees and encourage them to bring forward ideas and solutions is really what our business is about – equality, diversity and sustainable employment.”
Founders Tom and Richard Cropper will continue their oversight of the company on the newly formed board. John Shinnick becomes the independent employee trust chairman supported by the new independent board of trustees including employee representatives and senior management.
The deal was supported by advisers Matt Noon and Elan Iowerth from Hill Dickinson, Matt Hodgson from Claritas.
