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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, Rebecca Evans 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.”
