Manchester based giftware importer and distributor Joe Davies has announced that it is to become a 100% employee-owned business. The shareholding of the business will be held by the Joe Davies Employee Ownership Trust (EOT) for the benefit of all employees.
The existing management team remains in place, headed up by CEO Steve Davies – it was Steve’s great-grandfather Joe that set up the eponymous business 105 years ago.
Steve commented: “I’m very proud to be able to say that the transition of the company to a 100% employee-owned business will see Joe Davies being run, and owned, by the very people that make Joe Davies what it is. While I’m not retiring any time soon and my dad Peter is still very much involved with Joe Davies, there is no fifth generation of family coming through. For Peter and me, an EOT is the perfect solution to secure our staff’s livelihoods and to look after my Grandpa Joe’s legacy. This allows Joe Davies to continue in its own special way and serve our lovely customers for many years to come.”
“I’m very proud to be able to say that the transition of the company to a 100% employee-owned business will see Joe Davies being run, and owned, by the very people that make Joe Davies what it is”
Joe Davies CEO Steve Davies
Whilst Employee Ownership is not new (with perhaps the most famous example being John Lewis Partnership), it is one of the fastest-growing ownership models in the UK.
Joe Davies managing director Paul Hooker commented “The whole team are immensely proud and honoured to be with the company as we transition to being an employee-owned business. Day to day this will ensure that there is no change in the way we operate or shift in our values.”
The deal has been some time in its preparation, with the business guided and supported by both the Employee Ownership Association and advisor Baxendale Employee Ownership, a specialist law firm which has been helping companies transition for over 14 years.
Simon Everingham of Baxendale said: “Joe Davies really are the perfect fit for the EOT model and have enthusiastically embraced the process. It’s been a real pleasure helping them to take the next step on their journey, which protects the legacy of the family and all that makes the company so special.”
The deal is expected to complete in early February. For full details please contact Joe Davies on 0161 975 6300. The company will be at Spring Fair (Hall 4 Stand C10/D11).
