The Openwork Partnership has delivered another important milestone in its growth strategy with the overwhelming support of partners at an Extraordinary General Meeting.
Partners voted 96% in favour of significant enhancements to the way they participate in the equity of the business. The change will give them new ways to trade units in the partnership and it will also enable them to earn more units as the company continues to expand.
The launch of the Openwork Internal Market from November 18th builds on the strategic commitment to support partners throughout the lifecycle of their businesses – from set up to sale. It will give them the ability to realise value from their own business as well as the opportunity to realise value from the stake they have built up in The Openwork Partnership.
Philip Howell, Chief Executive of The Openwork Partnership, said: “The unique shareholding structure of The Openwork Partnership sets it apart in the financial advice sector and the enhancements we are now introducing to our equity ownership model will reinforce that advantage. The overwhelming partner vote in favour of these measures underlines our shared vision and confidence in the future success of the business.”
Stuart Dodson, Chair of the Shareholder Council commented: “This is a very exciting time for the Partnership, and I am grateful for the commitment partners have shown to creating an exciting future for the Network and all its partners.”
In total 500 partners took part in the process leading up to the EGM, which enables The Openwork Partnership to launch its first trading window running for two weeks from November 18. In the future there will be two trading windows a year expected to be in March and September.