Jigsaw, a family-run estate and letting agency based in Selby, has transferred ownership of the business to its employees through an Employee Ownership Trust (EOT), a structure that allows staff to acquire a stake in the company while maintaining its independence.
The transition follows more than two decades of operation since Sandra Widdrington established Jigsaw Letting in 2001.
Her daughter, Sharon Northcott, joined the business and later launched Jigsaw Move in 2014 with her husband, Davy Northcott, expanding from lettings into residential sales.
Employee Ownership Trust
The EOT will be overseen by a board comprising Sharon Northcott, Davy Northcott, Alix Simpkin, Beckie Atton and Connie Bell.
Sharon Northcott and Davy Northcott will remain actively involved in day-to-day operations, with Sharon Northcott continuing as a consultant.
Preserving Operational Approach
Sharon Northcott said the decision to adopt employee ownership rather than pursue an external sale was intended to preserve the agency’s operational approach.
“Many of our team have been with us for years, helping us grow the business and build the reputation we have today,” she stated.
The move reflects a broader trend in the estate agency sector, where operators are exploring alternative succession models as founders consider exit strategies.
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Broader Trend in Estate Agency Sector
Employee ownership trusts have gained traction in the UK property sector as a succession planning tool, offering tax advantages while allowing businesses to maintain their independent status.
The structure differs from traditional acquisitions that have consolidated the agency market in recent years.
The agency stated that clients would continue to interact with existing staff members, with no immediate changes to service delivery planned.
Sharon Northcott added: “This isn’t about stepping away.
Davy and I remain heavily involved in the business, and our clients will continue to see the same familiar faces.”
The Selby-based firm joins other regional agencies that have adopted similar ownership models, as the sector handles questions around operational independence and market positioning amid ongoing consolidation pressures.
According to the report, this change in ownership will not affect the agency’s daily operations, and clients can expect the same level of service they have come to expect from Jigsaw.
As the estate agency sector continues to evolve, it will be interesting to see how this new ownership model plays out for Jigsaw and other similar businesses, potentially paving the way for a more sustainable and employee-driven approach to the industry.
