Number of employee-owned businesses in Wales nears 100
The announcement comes on Employee Ownership Day, celebrated for highlighting the advantages of businesses owned by their employees.
Research indicates that such businesses are particularly successful, with employees showing increased engagement and commitment.
The commercial benefits of this model are proving increasingly appealing to entrepreneurs, who see it as a way to attract and reward talented employees, while also fuelling business growth.
One business that has transitioned to employee ownership is Cambrian Training Group.
The Welshpool company, a leading provider of apprenticeship and vocational training across the country, celebrated 30 years in business by becoming employee owned earlier this year.
The company 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."
Welsh Government's Business Wales and Social Business Wales service offers specialist advice to support such employee buy outs.
The services offer fully funded and bespoke help to business owners contemplating employee ownership and share schemes.
Rebecca Evans, 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.
"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."
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