The number of employee-owned businesses in Wales has hit 100 –
confirming the Welsh Government's commitment to the employee
ownership model and the benefits it provides for both the economy
and communities across Wales.
The number of employee-owned businesses in Wales now far exceeds
the Programme for Government commitment to double the number in
Wales and reach 74 by 2026.
The Welsh Government's Business Wales and Social Business Wales
service offers specialist advice to support employee buy outs,
and Cwmpas receives Welsh Government funding to promote the
benefits of employee ownership in Wales.
Anglesey-based BIC Innovation became fully employee owned via an
Employee Ownership Trust (EOT) with the support of Cwmpas earlier
this year.
The consultancy firm, which specialises in innovation and growth
and also has an office in Bridgend, initially transitioned to
become an employee owned business via a share ownership scheme in
2018. The EOT now runs the business for the benefit of its
employees, giving them a stronger voice in its future direction.
Huw Watkins, the founding director of BIC Innovation,
said:
“Although there were a number of paths open to us,
creating an EOT was the one that best safeguarded our history and
values. It reflects who we are: a people business, built on
trust, collaboration, and long-term partnerships.
“This move ensures continuity of leadership while opening the
door to new opportunities for the people who make BIC what it
is.”
To celebrate hitting 100 employee-owned businesses in Wales an
event was held at the John Lewis store in Cardiff last night. The
John Lewis Partnership is the largest employee-owned business in
the UK, with around 74,000 employees acting as co-owners of the
business.
Cabinet Secretary for Economy, Energy and Planning, said:
“Evidence shows employee-owned businesses are more productive and
more resilient. They are also rooted in their local areas and
regions, securing good quality jobs for the longer term within
communities.
“We made supporting employee-ownership a key commitment for this
government, providing significant support for employees to
complete worker buyouts and ensure Wales-based companies remain
rooted in a stronger Welsh economy.
“I am delighted we have hit the target of 100 employee-owned
businesses in Wales. The scale of the sector has grown
dramatically in the past few years with the potential for many
more businesses to transfer to employee ownership and thrive.”
Cwmpas Project Manager Nicola Mehegan said:
“Reaching 100 employee-owned businesses in Wales is a remarkable
milestone that shows the strength and ambition of our business
community.
“Employee ownership is strengthening the Welsh economy – keeping
businesses and jobs rooted in local communities, boosting
productivity and ensuring that wealth stays in Wales. This
progress has been made possible by the Welsh Government's clear
commitment to employee ownership in its Programme for Government.
“Together, we are creating more resilient, innovative companies
that safeguard the legacy of business owners and build a
stronger, fairer economy for future generations.”
