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.
Sometimes a like is not enough. Fair play to him for what he’s achieved and what he’s doing for future employees (owners!). Hope he now enjoys a rewarding retirement
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.
On Saturday 1st June Finlay Wild set a new record for the Tranter's Round, beating Jack Kuenzle's 2022 time by around ten minutes, to cross the finish in Glen Nevis at 8:27:53. This is the fourth time Finlay has set a new summer record on the...