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Inside Prospects: Mutuals

21 March 2013

What is a mutual and how does it affect me?

A mutual is a company owned by its members, which could be employees as in John Lewis or customers such as the Co-operative Bank. Prospects is a mutual with shares owned by staff.

Mutualisation offers a business opportunity for Prospects, because the Government wants a million public sector employees to have transferred to mutuals by 2015. Because we are employee-owned and have an expert mutuals team, Prospects is well placed to win advisory and outsourcing business from councils and other public sector employers.

What are the most recent developments in the mutuals unit?

The mutuals team has only been in place for a year. It is currently advising on the UK's biggest potential mutualisation — the Post Office, which has an annual turnover of £1bn. Patrick Burns, Prospects Mutuals Development Director, has recently been appointed one of the government's 'Mutuals Ambassadors', helping promote its ambitious public sector spin-out programme. In mid-2012 the team published 'Knowingly Undersold — how Government can spread the John Lewis effect'.

Who is in the mutuals team and where is it based?

Patrick Burns and Maureen Hooley are the in-house mutuals team, based in London; supplemented by a group of expert associates.

For more information about mutuals, please contact patrick.burns@prospects.co.uk 


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