Management Buy Out

Ownership structures aren’t usually the most exciting subject for a blog post. This one, however, marks an important new chapter for Chord.

Co-founder Ashley Cowdrey has transferred his shares in the business through an Employee Benefit Trust, giving the Chord team a stake in the company’s future success.

An Employee Benefit Trust (or EBT, now that we’ve introduced the inevitable three-letter acronym) holds shares on behalf of employees. It means that, as Chord continues to develop, the people helping to build the business can also benefit from its performance.

The change feels like a natural step for a company founded on collaboration. Since Chord began, our aim has been to create a consultancy where people are trusted to contribute, challenge ideas and take responsibility for doing good work. Employee ownership puts some formal structure behind that principle.

As part of the new arrangements, Directors Simon Bentley, Alex Skidmore and Fred Stannard will also receive options to acquire shares from the beginning of the new financial year.

Ashley’s decision represents a significant commitment to Chord’s long-term future and to the team that will take it forward. While the ownership model is changing, the things that matter day to day are not: supporting our clients, delivering thoughtful engineering and continuing to develop a business people enjoy being part of.

There will probably be some paperwork involved. Beyond that, it means greater participation in Chord’s future and a stronger connection between the success of the business and the people responsible for it.

A new structure, but one built around a familiar idea: Chord works best when everyone has a part to play.

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