The benefits of businesses being bought out by employees are
being celebrated – as the number of employee-owned businesses in
Wales nears 100.
Today is Employee Ownership Day and research shows that
employee-owned businesses perform particularly strongly, with
employees demonstrating greater engagement and commitment.
The commercial benefits are also becoming increasingly popular
with entrepreneurs creating new businesses, to help attract and
reward talented employees and drive business growth.
The number of employee-owned businesses in Wales now stands at
95, far exceeding 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,
with fully funded and bespoke help available to help business
owners decide if employee ownership and share schemes are the
right solution for their business.
One company to receive such support is Cambrian Training Group –
a leading provider of apprenticeship and vocational training
across Wales.
The Welshpool company, which marked 30 years of business by
becoming employee owned earlier this year, was established in
1995 as a subsidiary of Mid Wales Tourism to deliver vocational
and hospitality skills as part of the development of the region's
tourism sector.
It now employs 65 staff and has expanded its work-based learning,
skills and apprenticeship programmes into a range of other
sectors, including manufacturing, retail, and financial services.
Arwyn Watkins OBE, of Cambrian Training Group, said:
“Securing Employee Ownership Trust (EOT) status is a significant
step in our journey. Our employees are at the heart of everything
we do, and this move ensures that they have a direct stake in our
continued success.
“The decision to move towards an EOT rather than opting for a
trade sale was motivated by the desire to sustain the company's
culture, values, and commitment to quality over the long term.”
The Cabinet Secretary for Economy, Energy and Planning, , said:
By improving employee well-being and job satisfaction, the
employee-ownership model plays a key part in strengthening the
foundations on which every successful business is built.
“It's proven benefits include giving employees more control over
their own destiny, and providing business owners with the peace
of mind that that the future of their business is in safe hands,
and that the future of their highly valued employees has been
safeguarded in the community the business was fostered in.
“I urge more businesses to explore the benefits on offer
via Business Wales and Social Business Wales, to ensure
Wales-based companies remain in Welsh hands.”
