The firm, established in 1997 as Thorpe Molloy Recruitment, has implemented an Employee Ownership Trust (EOT), meaning company shares are now held in trust for the benefit of its employees.

Chief executive Amanda McCulloch, who joined the company in 1999 as a graduate trainee consultant, will remain in her position. She described the move as a “commitment” to the team’s future and “a a testament to the collaborative spirit that defines us”.

Ms McCulloch added: “We’ve always been a people business, built by the incredible talent and dedication of our team.

“This employee ownership trust is our way of recognising and rewarding the people who have been instrumental in making TMM Recruitment what it is today.”

TMM Recruitment, which specialises in placements across sectors including finance, HR, IT, and engineering, reported revenues of £16.9 million in 2024. The adoption of the EOT model reflects a growing trend in the UK, where over 1,800 businesses are now employee-owned, a figure that has seen substantial growth since EOTs were introduced in 2014. The Scottish Government has a target of establishing 500 employee-owned businesses by 2030.

Advisory services for the transition were provided by Hall Morrice and Baxendale Employee Ownership.