On 1st February 2022, TaxAssist Direct Group Directors Karl Sandall and Phil Sullivan, stood down as executive directors and sold a large percentage of their shares. As a result, TaxAssist franchisees now own almost 60% of The TaxAssist Direct Group Ltd. Over 170 franchisees from around the world are now investors in the company, alongside over 40 members of support staff.
This is not the first time that franchisees have had the opportunity to purchase shares in The TaxAssist Direct Group. In 2014 when the founder and chairman retired, around half of the network were offered the opportunity to invest in a Franchisee Assisted Management Buyout – the first of its kind in the franchise industry – which saw franchisees owning 32% of the Group. Since then, following the creation of an internal share site which all eligible shareholders have access to, they have been able to trade shares, access company accounts and the group strategic plans for the future.
Daren Moore, the newly appointed Group Managing Director, said: “I would like to thank our fantastic franchise network in all the countries we operate, who have once again provided the ultimate vote of confidence in us as a board and the TaxAssist business model, by overwhelmingly choosing to invest in The TaxAssist Direct Group, a situation which we believe to be unique in franchising. The new investors and the existing shareholders who purchased more shares this time are 100% engaged with our strategic vision, and as shareholders have total transparency in all The Group’s activities.
“For the first time in our history we have now appointed a franchisee to the Executive Board. Mike Melling is a highly successful franchisee who has lived and breathed the brand for the last ten years. He will be invaluable to both the Board and his fellow franchisees, who will be able to benefit from his knowledge and understanding of running a practice, which he will continue to operate while undertaking his responsibilities as Group Development Director.”
Sarah Robertson, has moved roles to become the Group Director and UK Managing Director and James Mattam remains in his role as Group Business Development Director and along with Daren and Mike, they complete the Executive team on the TaxAssist Direct Group Board.
Aditya Ravipati, President of TaxAssist Direct USA Inc, said: “I am looking forward to working closely with the new Board of Directors as we continue to expand the TaxAssist Advisors franchise across North America.
“With a focused strategic plan with growth and innovation at its core, myself and the Group Board have never felt more positively about the medium-term future and the opportunities it will present for Group operations.
“I look forward to discussing with potential franchisees the many benefits of joining and investing in the franchise and sharing in the fruits of the Group’s success.”