Lewis Silkin has advised ustwo in its transition to an EOT. As of April 2022, founders Mills and Sinx, and shareholder Marcus Woxneryd reduced their equity in ustwo studios and transferred the majority ownership of the business to all current and future employees.
This means that everyone who works at ustwo studios together owns 62% of the business as part of an Employee Ownership Trust.
ustwo studios is a group of award-winning digital product studios, with strong design and tech credentials, and creativity at the heart. Founded in 2004, the business initially focussed on building mobile apps and now helps clients grow their businesses by creating digital products and services that matter. Clients of ustwo studios include Google, Joe Wicks / The Body Coach and Alphabet - BMW Group.
By moving the ownership of ustwo into an Employee Ownership Trust (EOT), the founders can realize monetary value over time but preserve ustwo studios' culture, values, and independence for the long run.
The Lewis Silkin team was led by corporate partner Jo Evans, with principal support from Corporate and Tax colleagues, Francesca Ainsworth and Matthew Rowbotham.
Commenting, Abbe Bigelow, CFO/COO at ustwo said, said:
"Jo, Fran and the Lewis Silkin team were the ideal legal partners to guide us through our transition to an EOT. They are experts in their field and have a deep understanding of the creative industries – their professionalism and industry knowledge is so appreciated."
Commenting, Jo Evans said:
"It was an absolute pleasure to be involved in ustwo studios' transition to an EOT. I have worked with Mills and Sinx for years and this marks an exciting next step in the growth of the business. We look forward to watching ustwo studios continue to go from strength to strength."