Concepto Diagnostics (www.conceptodiagnostics.co.uk), the UK’s leading diagnostics services company, has announced it has become majority owned by an Employee Ownership Trust (EOT) after Atal Malviya and Eileen Flatley, the Directors and owners of the company, transferred 51% ownership of the company to an EOT on May 19, 2022.
Concepto is the newest company to join the list of big brands that have moved to an employee-owned structure, such as John Lewis, Go Ape and Richer Sounds.
Atal and Eileen will continue to own 49% of the company, which was recently valued as a £97.1 million company by a leading consulting services company. Throughout the process, the company was advised by Robert Postlethwaite and Jo Cunningham of the law firm Postlethwaite Solicitors, specialist share scheme and employee ownership lawyers.
Atal Malviya, Director of Concepto Diagnostics, commented: “From the outset, we have maintained a flat, non-hierarchical structure and valued our staff as family members striving for a common goal. With the EOT structure in place, they are not just going to be involved in the day-to-day operations, but will own the present and the future of Concepto as its owners.”
Director Eileen Flatley added: “At Concepto Diagnostics, we always put our staff and customers first. The transfer of ownership means staff have a vested interest in growing and developing our company so we stay on top of our game, delivering the best service we can, to all of our customers.”
Robert Postlethwaite, Founder and Managing Director of Postlethwaite Solicitors, commented: “We were delighted to help the team at Concepto Diagnostics become majority owners. As a healthcare business, they are dependent on their people for providing the patient confidence and efficient and effective service that are key to success. This makes employee ownership, by engaging staff in how the company operates and performs, a natural fit. We wish the Concepto team every success as employee-owners.”
Ownership is a powerful incentive for business success and adopting the new ownership model will increase the share of profits for employees, creating an environment of inclusive growth led by all stakeholders in the company. A group of trustees hold the shares for the benefits of all employees who have at least 12 months’ service, with a duty to act in what they believe are the employees’ best interests.
In the financial year of 2021, Concepto achieved a top-line revenue in excess of £17 million and is expected to reach £47 million for the financial year of 2022. Besides thousands of individual customers, the diagnostics experts have also catered to highly reputed corporate clients such as Burberry, Berkeley Group and Emirates Airlines among others.
The company has started to expand the scope of diagnostics services offered by building new infrastructure for medical imaging, including sonography, MRI scans and CT scans, as well as molecular and pathology diagnostics testing.
With a chain of 14 medical clinics in England, the brand is led by its in-house UKAS-accredited medical laboratory in Watford, with a view to increasing the number of clinics to 34 over the next two years to have a more nationwide presence. Centres will provide affordable healthcare and wellness products, plus a full range of services from appointments with GPs and nutritionists to medical imaging.
Additionally, Concepto is also venturing into the wellness space by offering a brand of personalised multivitamin products to lead the way by establishing a sustainable preventative healthcare system.