• Text size      
  • Send this article to a friend
  • Print this article

Fitwise in switch to employee ownership

Fitwise Management, a West Lothian-based manager of professional associations in the health sector, is to pass into employee ownership.

THE MANAGEMENT: John Matthews, centre, will sell his shares in Fitwise to an employee benefit trust and to members of staff. Picture: Collin Hattersley
THE MANAGEMENT: John Matthews, centre, will sell his shares in Fitwise to an employee benefit trust and to members of staff. Picture: Collin Hattersley

Chairman John Matthews will sell 80% of his shares to an employee benefit trust (EBT), with the remainder available for the 25 employees to buy. The deal will complete over five years.

Co-operative Development Scotland (CDS), Scottish Enterprise's employee-ownership arm, and project manager Co-ownership Solutions advised on the plans. CDS said the deal would take advantage of the tax reliefs for staff-owned firms introduced in the last autumn statement.

Owners disposing of a controlling interest to an EBT will not attract capital gains tax, while EBT-owned companies can pay employees an annual tax free bonus of up to £3600.

Mr Matthews, who founded the business in 1992, said: "By moving the business to employee ownership we can really engage all our employees and help the business move towards a culture where everyone can benefit from our future success."

Fitwise has appointed former Stryker regional business manager, Neil Watt, as its new managing director.

Contextual targeting label: 
Business

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

214066