Guiding a leading time management business through new employee ownership reforms

19 December 2024

3 min read

Our specialist employee ownership trusts (EOT) team guided the directors of Chesterfield-based MiM Systems — a leading provider of time and attendance management systems — through the employee ownership (EO) process, making it one of the first employee-owned businesses to have been established following the EOT reforms announced in 2024’s Autumn Budget.

The reforms — which included seven key changes around issues like governance and tax-free contributions — are designed to provide greater clarity, independence and fairness in employee ownership structures. They brought their own set of challenges to MiM Systems’ succession planning, requiring the team to navigate the evolving regulatory framework within the context of an ongoing transaction.

Protecting a legacy

Since MiM Systems’ founders — Keith Armstrong and Andrew McGregor — dedicated 25 years to building the business, they sought a succession solution that could protect their legacy and preserve its independence and culture. That’s why an EOT structure was so appealing.

MiM Systems was founded in 1999 with the vision of supporting businesses and industries through user-friendly and cost-effective time and attendance management solutions. From its headquarters in Chesterfield, MiM Systems has grown to become a trusted provider of innovative time and attendance systems under the ClockRite and Timepro brands, with customers across the UK and internationally.

After consulting with our EOT team and speaking to other businesses that had successfully undertaken an EO journey, Keith and Andrew quickly concluded that transitioning to employee ownership was the right path forward.

Highly recommended

Keith Armstrong commented: "Brabners came highly recommended to us by a friend who had recently completed an EOT project with [its EOT team]. From the outset, Stephen Hadlow and his team were professional and diligent, breaking the process down into phases which made it much more manageable and understandable for us.

Brabners’ expertise ensured that the transaction was completed smoothly and on time. We’re grateful for [the team’s] guidance and wouldn’t hesitate to recommend Brabners to anyone considering becoming employee owned."

Continued growth of EO sector

Stephen Hadlow, who led Brabners’ EOT team in advising MiM Systems, said: “We’re delighted to have supported MiM Systems on becoming an employee-owned business — joining over 2,000 other EOBs in the UK.

The continued growth of the sector is underpinned by founders who are looking to preserve the unique culture of their businesses and want to leave a legacy for an independent future.”

Talk to us

We’re proud to have advised MiM Systems on its transition to employee ownership and are confident that this new structure will contribute to the continued growth and success of the business.

Our corporate transaction lawyers and specialist EOT team provide bespoke, specialist legal advice to guide your business succession strategy.

To find out more about why employee ownership might be the best route for your business, talk to us by giving us a call, sending us an email or completing our contact form below.