Kivells, a Devon-based property firm established in 1885, has transitioned to a hybrid employee ownership trust (EOT) structure that combines employee ownership with existing shareholder and senior management control.
The new model gives employees an indirect stake in the business while maintaining the current leadership team and governance arrangements. The firm stated the transition is designed to support its long-term independence and future growth trajectory.
Leadership structure
The executive board will continue under the same leadership, comprising chairman Simon Alford, managing director Mark Bromell and Mark Bunt, alongside new shareholders Dan Stokes and Thomas Rattray. Russell Steer, Ian Caunter and Tim Kivell will also become shareholders and assume expanded leadership responsibilities as part of the transition.
According to the firm, the ownership restructure will not affect day-to-day operations, with clients continuing to receive services from existing local teams. The move follows recent patterns in the UK property sector where firms are adapting ownership structures to ensure continuity.
Mark Bromell, managing director at Kivells, said: “This is a defining moment for Kivells. The introduction of a hybrid employee ownership model secures our independence while bringing our people even closer to the heart of the business. It strengthens long-term stability, rewards contribution, and ensures continuity for our customers.”
Simon Alford, chairman at Kivells, commented: “Every generation has a responsibility to leave Kivells stronger than it found it. The move to a hybrid Employee Ownership Trust achieves exactly that. It protects the independence and values that have defined Kivells since 1885, creates a clear succession for the future, and ensures the business continues to be led by people who are fully invested in its long-term success.”
Transaction advisers
Isca Ventures acted as lead corporate finance advisers on the transaction, with taxation advice provided by Streets Bush and Cranedale Tax. Legal support was provided by Spencer West and Carmen Partners.
Mark Champion, partner at Isca Ventures, noted the transaction facilitates an expansion of management and employee ownership while delivering a long-term ownership structure for the firm. The transaction follows a period of strategic advice provided to the management team over recent years.
The hybrid EOT model represents an alternative succession planning approach for property firms, allowing founders to exit while maintaining operational continuity. Similar restructuring approaches have been adopted by other estate agencies seeking to balance ownership transition with business stability.
