GTMaritime announces move to employee ownership
GTMaritime is proud to announce that it has transitioned its business to an Employee Owned Trust (EOT), in a deal securing the future of a true shipping technology innovator.
The move to an EOT is an exciting development which is set to incentivise employees under the guidance of the management team responsible for establishing GTMaritime as a leading provider of secure data communications software to the shipping industry. The structure of the trust enables existing and future employees to become direct beneficiaries of the company’s continuing success.
Robert Kenworthy and Chris Morgan, the owners of GTMaritime, sold their majority stake in the company to an EOT that will hold the shares for the benefit of GTMaritime employees. Both remain on the Board of Directors as CEO and Chairman and will continue to be actively involved in the company, with no changes to the existing management structure.
Santander UK supported the owners of GTMaritime with the funding necessary to transition to an employee owned trust.
Robert Kenworthy, CEO at GTMaritime, said: “I am delighted to announce that we have successfully completed the transition to an Employee Owned Trust. Chris and I remain fully committed to GTMaritime and we look forward to working with the team and helping to steer the company for many years to come. From the start we have tried to instil a company culture that ensures people are happy in their work environment and I strongly believe that if we look after our team, then they will look after our customers.
“The EOT aligns exactly with the inclusive and innovative culture that is the foundation on which we have built the business. It is the team providing reliable, round-the-clock support for customers who have worked so hard to achieve the GTMaritime success story; going forward, it will be the team who benefit as they take the business from strength to strength.”
Managing director at GTMaritime, Chris Judge, said: “This is a really exciting time for everyone at GTMaritime. Our people are our greatest asset and without them GTMaritime would not be where it is today. As a company we have always worked as one and we strongly believe that this will ensure our team remain at the heart of our business.
“In today’s business environment we wanted to provide stability and ensure the company’s continued success; we wanted to have an operating model that truly reflects the respect we have for our colleagues and the contribution they make to GTMaritime’s collaborative culture of innovation. This is a wonderful opportunity for everyone and we look forward to continuing to work together and build for the future.”
Philip Mason, director, Growth Capital, Santander UK said: “GTMaritime is a well-respected name in the maritime market, entrusted with the supply of mission critical communication software solutions to its customers around the globe. We are delighted to have been able to support the funding of the employee ownership trust for the management team and staff, who have overseen a significant increase in the business’ customer base over the last couple of years and developed a new suite of solutions that should support further growth over the coming years.”
