First ever council joint venture mutual supported by Prospects
Nick Hurd, Minister for Civil Society, was at the launch of the first ever council joint venture mutual, 3BM. 3BM provides a range of critical support services such as financial management, IT and building development to schools allowing them to focus on education. It is the first ever mutual joint venture to spin out of local government. The business was created by staff from three London boroughs; Hammersmith & Fulham, Kensington & Chelsea and Westminster. The business is owned by a partnership between the employees and Prospects. The employees own 75.1% of the business, giving them a controlling stake. Prospects has a 24.9% share and brings capital and business expertise needed to make the business grow.
Press Release - Minister praises London mutual as the future of public services
Expert advice, consulting, joint ventures and partnership for organisations considering public service mutuals.
Prospects is the ideal partner when it comes to forming public service mutuals – spin-outs from the public sector with an employee ownership stake.
Prospects itself is a former spin-out from the public sector – now an £80m business - so we understand the challenges of growing a successful business from public service origins.
Prospects is employee owned so we know exactly what it takes to make the transition to mutual status.
We specialise in innovation and business building – by involving staff, users and customers in improving services
We offer a one-stop service which ranges from advice, through consulting, to risk sharing partnership and joint ventures
Our track record could hardly be more reassuring – we’ve handled the transition of hundreds of staff from the public to the private sector since 1996, turning a succession of public services into successful, profitable businesses.
Prospects have been selected as Mentors to the Government's mutuals programme and our Director of Mutuals Development, Patrick Burns, is one of the Cabinet Office's Mutuals Ambassadors.
How Prospects can help?
The Prospects team can help you with each stage of the mutuals process:
Is a mutual right for this service? – we’ll help you with an options appraisal and, having advised on dozens of public sector spin-outs since 1996, we’ll tell you if we think another option is better
A business fit for purpose – help with specialist challenges like business planning, tax, contracts, marketing and funding
What kind of mutual? – if the mutual option gets the green light, we’ll help you select the best model for the spin-out in question; what stake staff should have; whether a joint venture is needed; how to involve users
Transition mapping – drawing on our experience with dozens of public/private transitions, we’ll provide project planning for challenges like TUPE and pensions; consultation; internal and external communications; and a host of logistics
Making it happen – we help ensure things go according to plan from Day One – including induction, training and development; payroll and HR; facilities management; technology and communications; contracts and procurement.
Patrick Burns, Director of Mutuals Development for Prospects and until December 2011 Chief Executive of the Employee Ownership Association, has written a paper about employee ownership in the private and public sector of the British economy, and how Government can help it spread.
Download this document here.
For further information please contact Patrick Burns on 07976 355919 or email firstname.lastname@example.org Maureen Hooley on 020 7734 0161 or email email@example.com.
Prospects is proud to be an Employee Ownership Association approved specialist adviser on mutuals.
Prospects are trustee members of EOA, a network of over 150 companies with significant employee ownership and a UK sector worth over £30 billion annually.