Staff buyout secures firm

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Front row, from left, Edward Powell, Jay Boyce, Clare Lang, Brian Moran and Toby Stephenson and Vectric colleagues. Photo submitted.

AN award winning software firm in Alcester has been bought by its staff in a buy-out deal.

Vectric Ltd has previously received two Queens Awards for Enterprise and International Trade, and specialises in creating software for CNC routing, milling and engraving for its clients which they use to create precise toolpaths and designs.

Company founder Brian Moran and the firm’s executive board agreed the deal which has seen the company’s 24 employees take a controlling stake in the business through an employee ownership trust.

Founded in 2005 by Mr Moran, the company will continue to be headed up by managing director Edward Powell with Mr Moran stepping back from day-to-day control.

Mr Moran said; “Vectric continues to go from strength-to-strength and while I considered many exit options none of them protected the ethos of the company, the expertise of our staff, or the potential for software development like employee ownership did.

“The team have fully embraced the concept of employee ownership, and are delighted that Vectric’s legacy will be protected. They will also have the chance to contribute to, and benefit from, future successes.

“They have already become more engaged in the business, realising that what each of them does will affect the future performance of the business, which is directly linked to their own success.”