‘It can help futureproof brands': Why businesses are passing on ownership to their employees
Momentum is building behind Employee Ownership Trusts (EOTs), a type of company structure which transfers ownership to employees.
It's particularly useful for founders who haven't identified a successor but want a thriving business to keep going following their retirement.
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Belfast Telegraph
14 hours ago
- Belfast Telegraph
‘It can help futureproof brands': Why businesses are passing on ownership to their employees
Holywood firm SCC is the latest business to join The Entertainer toy shop chain and broadcaster Stephen Nolan by embracing employee ownership trusts Momentum is building behind Employee Ownership Trusts (EOTs), a type of company structure which transfers ownership to employees. It's particularly useful for founders who haven't identified a successor but want a thriving business to keep going following their retirement.
The Sun
3 days ago
- The Sun
Crystal Palace prepare for takeover battle just days after John Textor saga saw Eagles booted out of Europa League
CRYSTAL PALACE'S new major shareholder Woody Johnson is set to be a target for a 'takeover' bid by Josh Harris. Johnson recently became Palace's biggest shareholder when he bought out John Textor's 43 per cent stake in the club — but may be willing to quickly sell that on for the right cash. 3 3 The 78-year-old American has yet to go public on his plans at Palace and may have got involved to help compatriot Textor, who needed out of Selhurst Park because of multi-club ownership issues. Harris already owns 18 per cent of Palace and is keen to extend his influence at the club. Steve Parish currently calls the shots at Selhurst despite having a ten per cent stake. A snag for Harris would be that adding Johnson's shares to his own would go against Palace rules. No individual is currently allowed to own more than 50 per cent — unless Palace vote to change that. On Monday, Palace lost their appeal to be reinstated into the Europa League. The Eagles subsequently released a strong statement, which began: "At a time when we should be celebrating our victory in the Community Shield at Wembley, the decision by UEFA and followed by the Court of Arbitration for Sport shows that sporting merit is rendered meaningless. "When we won the FA Cup against Manchester City on that momentous day in May, our manager and players earned the right to play Europa League football. "We have been denied that opportunity. "It appears that certain clubs, organisations and individuals have a unique privilege and power. How Chelsea could line up in Crystal Palace clash after summer transfer splurge and two-week long pre-season "This growing and unhealthy influence has shattered the hopes and dreams of Crystal Palace supporters, and does not bode well for aspirational teams all over Europe competing to progress when rules and sanctions are unevenly applied in the most flagrant way. "Multi-club structures hide behind the charade of a 'blind trust' while clubs such as ours, who have no connection to another club whatsoever, are prevented from playing in the same competition. "To compound the injustice, clubs that appear to have huge informal arrangements with each other are also allowed to participate and even possibly play against each other." 3
Daily Mirror
4 days ago
- Daily Mirror
BRIAN READE: 'We must shame rich into sharing fortunes to rebuild Broken Britain'
As The Entertainer toy store boss retires and leaves his £80million firm to his workforce, Brian Reade says we need to force the wealthy to share their fortunes Politicians often use working-class names to show that they are down with the common folk. The Republican 2008 US presidential hopeful John McCain constantly evoked 'Joe The Plumber' to signify his blue-collar credentials. Although the plumber couldn't stop his campaign going down the toilet. When Margaret Thatcher privatised British Gas in 1986, ad men urged us 'If you see Sid, tell him' to buy some shares. Sadly many did, then flogged them to City firms who scammed us, and we ended up wanting to gas Sid. But I think I've found a winner for Labour as they seek to do what everyone knows they need to do but are too scared to: force those whose wealth has soared since the bankers' crisis to share some of their fortune with our skint Treasury. They should put posters in City clubs, adverts across right-wing media and project images on to all the HQs of FTSE 100 companies saying: 'Be more like Gary.' Let me explain. Gary Grant who owns Britain's biggest toy retailer The Entertainer is retiring and giving his £80million business to the firm's 1,900 workers. He is transferring ownership of the family's 160-shop chain to an employee trust, meaning staff get to share the profits and decide its future, rather than flog it to cost-slashing corporate hawks. 'If the business had been sold just for money that would not have been passing on the baton in the way the family wanted,' said the practising Christian, with one of the delighted workers saying: 'He always looks after us. It's a typical Gary thing to do.' 'Gary things' have happened before. In 2019, Julian Richer handed control of his audio chain Richer Sounds to staff, giving them 60% of his shares, triggering a windfall of around £4million. Also challenging the stereotype of the vampire capitalist obsessed with multi-million pound bonuses is a selfless group called Patriotic Millionaires UK, who are campaigning for people like them to pay more tax. They point out that the top 10% owns 57% of the UK's wealth, while the bottom half owns less than 5%, and believe making those at the top pay more tax would drive down inequality and help rebuild Broken Britain. They also dismiss as a myth the notion that Labour is driving out the rich, pointing out that 'less than 0.3%' of the country's three million millionaires are projected to emigrate. The likes of Gary Grant, Julian Richer and the Patriotic Millionaires should have a seat in the Cabinet to advise Labour how to incentivise other CEOs and millionaires to 'do a Gary thing.' These are the people who understand that success and happiness is not defined by the width of your wallet but the depth of your compassion. That the most patriotic thing you can do is share your wealth with the people who helped you make it. Patriotic Millionaires (motto: 'Proud to pay, here to stay') also point to a recent poll carried out by Survation which claimed 80% of millionaires support a 2% wealth tax on assets over £10million. Why don't Labour test that? Why not hold a summit with the CBI, invite prominent millionaires, and call on them all to 'do the Gary thing'. Then name and stain the non-patriotic refuseniks. Maybe if Labour can't soak the rich into paying more, it's time to shame them into it.
