Westerby Group becomes employee owned

The chairman and founder of wealth adviser and pensions firm Westerby Group, Les McLintic, has sold the business to employees via an Employment Ownership Trust (EOT). The Employee Ownership Trust, the so-called ‘John Lewis Partnership model’, is being used by a growing number of financial firms, including Financial Planner Paradigm Norton. Mr McLintic informed staff recently that the Leicester-based Westerby Group would become an employee-owned business. All Mr McLintic’s shares in the business, which provided him with a controlling interest, have been transferred into the trust. The firm was founded in 1986 with only three employees and today has more than 100 staff. Westerby comprises three businesses: wealth adviser Westerby Investment Management Limited, Westerby Trustee Services Limited and Westerby Pension Administration Limited. it has specialised in the SIPP and SSAS sectors but has widened its offering in recent years to include investment and wealth management. The businesses are based in two locations in Leicester city centre and the group also has offices in Weymouth and Manchester. Westerby Investment Management Ltd is a provider of specialist financial, taxation and independent investment advice. Westerby Trustees Services Ltd ‘The Pension Specialists’ advises on the trusteeship and administration of Self Invested Personal Pension Schemes (SIPP) and Westerby Pension Administration Ltd specialises in the trusteeship and administration of Small Self-Administered Schemes (SSAS). Each company is fully authorised and regulated by the Financial Conduct Authority (FCA), and in the case of Westerby Pension Administration Ltd, The Pensions Regulator. Mr McLintic said: “The time is right for me to transfer my shares for the benefit of our very dedicated, enthusiastic and hard-working employees.” “We have thrived through the many challenges over the past four decades to become the flourishing, successful business we are today. I firmly believe that my decision to give our staff this meaningful stake in the future of Westerby is the best way to build on our legacy of success in future decades.” Westerby has acquired several businesses in the last five years in the IFA and SIPP and SSAS pension sectors. In 2022, for example, Westerby Trustee Services acquired fellow SIPP administrator CPPL. The Westerby Group’s total assets under trusteeship, administration and advice are now over £1.66bn and it serves over 5,000 clients. According to Westerby, the latest data shows 542 UK firms have transferred ownership of their business to employees via an Employee Ownership Trust (EOT). Mr McLintic said: “The Employee Ownership Trust business model offers a great many benefits for employees, so it’s fitting that the hardworking people who make Westerby the success story that it is in 2025 will now have the opportunity to benefit from its future profits,” adds Les McLintic.

Westerby Group becomes employee owned

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