For five decades, MB Brand Communications has thrived in the competitive landscape of marketing and brand comms, weathering economic storms and adapting to industry changes. Throughout the majority of this, Plus Accounting has been an indispensable partner, especially in the recent milestone project of establishing an Employee Ownership Trust (EOT), marking a significant step towards securing the company’s future legacy.
MB operates as a brand communications agency with two distinct branches: MB Brand Communications, catering to global brands like American Express, Uber, and Amazon, and MB Web, serving regional and national brands with digital marketing expertise. Despite the varying scales of clientele, the agency remains steadfast in its commitment to service excellence. This dedication has been a cornerstone of their longevity and success, creating long-lasting client relationships built on trust and mutual respect.
Integral to MB’s journey has been their partnership with Plus Accounting, spanning close to 25 years. Initially connected through a referral, Plus Accounting quickly proved to be more than a compliance only accountant. They became trusted allies, providing expert guidance through various business transitions, including acquisitions and incorporations.
The most recent collaboration between MB and Plus Accounting has been the establishment of an Employee Ownership Trust (EOT). This initiative represents a significant milestone for the company, symbolising a commitment to reward and empower their dedicated team while ensuring the business’s continuity for the next fifty years and beyond. Plus Accounting played a key role in this endeavour, facilitating the selection of legal partners and navigating the complexities of company valuation and trust setup with precision and expertise.
What is an EOT?
An Employee Ownership Trust (EOT) is a legal structure that allows a company’s ownership to be held collectively on behalf of its employees. Under this arrangement, a trust is established, and shares of the company are transferred into it, effectively making the employees indirect owners of the business. The trust then holds these shares on behalf of the employees, who may benefit from dividends and increased company value over time. EOTs are often seen as a means of incentivising and rewarding employees, enabling a sense of ownership, loyalty, and alignment of interests between the team and the company’s performance. Additionally, tax advantages can be offered to both the company and its employees, making them an attractive option for business succession planning and enhancing employee engagement.
Comment from James Bell;
“There can’t be many privately owned companies in the South East that can boast over 50 years of being in business and so it was important to us that we retain this sense of belonging by setting up an EOT – hopefully a lasting legacy that secures the future of the business and helps the loyal MB team plan and enjoy the benefits of driving the business forward for many more years to come.
Plus Accounting, and Paul Feist in particular, have been an essential extension to the MB finance and management team for many years and no doubt will continue to do so as the company evolves and prospers”.
