Performance Communications | March 27, 2024
Performance Communications, a leading provider of specialist communications services to the Automotive, Sport and Technology industries is delighted to announce that it has transitioned to employee ownership via an Employee Ownership Trust (EOT).
The move secures the agency’s long-term independence and will provide its employees with both a greater level of involvement and a share in the business’ future success.
The business was co-founded in 2002 by its Joint Managing Directors, Andy Francis and Charlie Raincock, as a specialist media relations agency with two focus areas, Automotive and Sport. Technology has recently been added to these foundation pillars, as have a wide range of ancillary services in order to meet its client base’s ever-growing needs for more integrated communications campaigns. Its long-standing clients include Citroën, Alfa Romeo, AX, Caterham, JLR and Triumph.
The co-founders, along with all option holders from the senior management team, have transferred 100% of their shares into the EOT, and the agency’s 50-plus employees are now both the beneficiaries of the trust and co-owners of the business. Both Francis and Raincock remain fully committed to the business in their current roles.
Andy Francis comments: “We are incredibly proud of the agency’s achievements across its 22-year history and every single one of those feats is down to the skill, tenacity and hard work of our loyal team. Many of our team have been with us for a long time and this move feels a great way both to reward them for all their hard work and to ensure that they, and their co-workers, stand to benefit from the agency’s future success.
“Employee welfare and voice have always been top priorities for us. The framework that an EOT provides will enable us to build on these strong foundations to foster even stronger employee influence. We look forward to seeing that influence shape an ever-stronger and more engaged team, which in turn develops robust and exciting plans for the agency’s future.”
Charlie Raincock adds: “Transitioning to an employee ownership felt such an instinctive fit for us as an agency. The business has become what it is today because of the relentless determination of all our team to deliver consistently great campaigns for our clients. This new chapter for the business will enable us to continue to do what we do in our uniquely bold style, with care, quality and creativity at our core.”
Performance Communications was advised by Baxendale Employee Ownership.
As it has a different ownership structure and operates according to different local regulations, the Middle East office of Performance Communications, based in Dubai Media City, is not affected by this change.
