Nikwax and sister company Páramo, announced that in February 2022, they became an employee-owned business, run through an employee ownership trust (EOT). Both brands were founded by Nick Brown and have been successfully run as independents for many years. As he approached retirement, Nick wanted to maintain his ethical approach to business, protect employee jobs and his legacy from being absorbed into a larger company, and so decided to hand the running of the company over to the people who know it best, the employees.
Well done Nick. I changed my business to Employee Owned 10 years ago and then retired somewhat later. I made the change to try to secure a future for the business. The unexpected benefit of EO was that the performance of the business improved on every measure from the day we became EO. My colleagues saw the business as theirs, improved customer service and grew the company. It was the best decision I ever made.
I do hope it stays employee owned. Is there anything in the contract that prevents them flogging en masse to e.g. private equity for it to be asset stripped? That happens far too often to employee co-operatives, unfortunately - the money is often too good to turn down.
Credit to him for not flogging direct to the private equity vultures, though.