Senior staff at UK broker Norton Folgate have become owners of the company as it targets £20m in new business over the next 12 months.

Five key members of staff at the London-based broker have been given an equity stake in the company which operates under a limited liability partnership structure and join founder Robert Keep as owners.

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Keep purchased Norton Folgate in 2009 from General Capital two years after he sold the original Norton Folgate Plc to the same company. He then set up the LLP structure in 2011.

Prior to the initial sale, the majority of staff were shareholders and Keep said he had always been committed to making sure of a similar distribution when the time was right.

Keep retains a 75% holding in the company with Julie Manktelow, Brendan Strong, Darren Dunbar, Joe Barbera and Frankie Ferraro taking a share of the remaining 25%.

There is also a pre-set mechanism in place for Keep’s holding to reduce to 51%, his lowest-ever stake in the company, by March 2016, with the remaining 24% to be distributed among all eligible staff.

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Keep said the turning the firm’s most loyal and long-serving staff members into equity holders would provide them with the assurance "they are fully rewarded" in the event of a sale and give them the opportunity to attract dividend-style bonuses in the meantime.

He added: "The business of course gets the stability of a long serving, committed and equity-driven headcount, something that is virtually unique to the industry."

Keep also said the company expects to place around £20m of business in the next 12 months, more than double the previous year’s business, in deals ranging from £50k to 250k. Half of this new business is expected to be drawn from Norton Folgate’s existing client base and the remainder being newly introduced.