Pictured (L-R): Paul Fallon, Paul Taylor, Simon Walton

Established in 2006, Creative Space Management has grown from operating a single creative and digital media centre in Leeds city centre, to managing 347,000 sq ft of workspace, across Leeds, Sheffield, Rotherham and Newcastle.

The business had previously been owned by Chris Brown, Toby Hyam and Paul Taylor. The move to employee ownership effectively transfers all business interests to a trust, which will manage the shares and bonuses on behalf of the company’s 25 staff members.

The move delivers all employees an equal stake in the £1.7m-turnover business, with the added potential for annual bonuses based on profits.

Hyam and Taylor will remain in their operational director roles within the business. Two members of the senior management team, Paul Fallon and Simon Walton, have also been appointed to the board.

Paul Taylor, of Creative Space Management, said: “Whilst employee ownership schemes are becoming more popular, it is still quite unusual for a business operating in our sector to make this move.

“After looking at all the options, we firmly believe that this is the very best model to secure the long-term stability, success, and growth of Creative Space Management for our employees and our customers. It gives the people who work within all areas of the business a real stake in its future success. This makes for a more robust and competitive business; with motivated, committed, well-informed staff that can deliver exceptional levels of customer service to our public and private sector clients.”

Deb Oxley, chief executive of the Employee Ownership Association (EOA), added: “We congratulate Creative Space Management on its move to employee ownership.

“Businesses that give employees a stake and a say build trust through shared responsibility and shared reward, therefore uniting leaders and employees behind a common purpose. This leaves the business in a better position to flex and adapt key qualities needed to help the UK build back better.”