EMPLOYEES at an award winning Alcester firm have taken control of the business through a unique scheme.

Alcester software company, Vectric Ltd, was recently bought out by all of its 24 employees.

This means those employees now take a controlling stake in the business through an employee ownership trust, and that Vectric’s legacy will hopefully be protected.

Founded in 2005 by Brian Moran, the company will continue to be headed up by managing director Edward Powell with Mr Moran stepping back from day-to-day control.

Mr Moran said: “Vectric continues to go from strength-to-strength and while I considered many exit options none of them protected the ethos of the company, the expertise of our staff, or the potential for software development like employee ownership did.

“The team have fully embraced the concept of employee ownership, and are delighted that Vectric’s legacy will be protected. They will also have the chance to contribute to, and benefit from, future successes.

“They have already become more engaged in the business, realising that what each of them does will affect the future performance of the business, which is directly linked to their own success.”

mfg Solicitors and chartered accountants and tax advisors MHA MacIntyre Hudson structured the deal.

Clare Lang, from mfg, said: “Vectric is one of the region’s most innovative and respected firms so we were delighted to play such a central role in the deal. Brian has built a hugely talented workforce and the business is set to go from strength-to-strength.”

Toby Stephenson, from MHA MacIntyre Hudson, added: “This was an excellent deal to have led and gave us the opportunity to showcase our expertise in a very specialised and complex area. Vectric has a strong platform for growth and is in great hands with its employees moving into the future.”

The software firm, which has previously received two Queens Awards for Enterprise and International Trade, is a specialist in creating software for milling and engraving.

Its specially-developed software helps clients to create precise toolpaths and designs.