The managing director of Sheffield estate agents, Spencers, has told how proud she is to have brought the business into an Employee Ownership Trust - giving each and every member of staff a stake in the company.

Nicola Spencer has worked at the estate agents since 1998, buying the business from her parents in 2011. Now, as she considers what to do when her career is done, she’s swapped from being the company’s sole owner to sharing it with her colleagues.

She said: “I was thinking I’m nearly 50, what are the plans for the future... I wanted to start thinking about an exit strategy.”

Nicola Spencer has made some big changes at Spencers Agents. | S6 Photography

placeholder image — Nicola Spencer has made some big changes at Spencers Agents. | S6 Photography

The 48-year-old wanted to future-proof the business, which has been a fixture in Sheffield’s property industry for more than 20 years.

After discussions with friends, she opted for an Employee Ownership Trust (EOT).

“As we started talking and did more and more research into it, it seemed there was no reason not to do it,” she said.

“It would really work for this company. Everyone is important and everyone is a key player in the company. Everybody gets the equal opportunity to become part-owners of the company.

Nicola Spencer with accountants and solicitors from Knights and Hawsons who helped with the move to an Employee Ownership Trust. | Spencers Agents

“It just seemed like a very good idea... It means I can stay as long or as little as I choose.”

The Employee Ownership Trust means ever member of staff at the estate agents, which has been pioneering with it’s all female team, will eventually get higher salaries and tax-free bonuses from their stakes - once Nicola has been bought out.

Nicola added: “Everybody’s first response was ‘what’s the catch?’, which I completely understand... it’s a big shift mentally for staff to now think they’re owners of the company but they are all very excited.

The Spencers Agents team - who will now all be owners of the long-standing Sheffield estate agency. | Spencers Agents

“We all have a chance here to have a nicer retirement. It will give them a lot of financial security.”

The estate agency industry is dominated by men at senior levels, and many firms are made up entirely of male staff - which makes the all female team at Spencers an even bigger motivation for Nicola to make the EOT switch.

She said: “I always want every woman I meet to be successful. I still believe women have the mental load of the household. Even in 2024, I do feel the opportunities are less for women and for me [to share ownership of Spencers] I’m absolutely delighted.

“We have always been an all female crew and we all have each others backs.”

So, if you happen to call Spencers Agents asking to speak with the owner, the chances are you already are.