Attleborough printing company moves into employee ownership
Colchester Print Group, which has 40 staff based in Attleborough and Bury St Edmunds, has taken the exciting step of moving into employee ownership as a result of the founder selling a majority stake to an Employee Benefit Trust.
The transition into employee ownership will provide a succession plan for the business, help increase prosperity for Colchester Print Group s employees and, hopefully, make the Company an inspiration for other businesses in East Anglia and the wider UK who are considering the increasingly popular employee ownership option.
Founder Philip Colchester, who will remain as Chairman, made the move after researching employee ownership with the help of the John Lewis Partnership and the Employee Ownership Association and receiving specialist advice from Co-ownership Solutions LLP.
Colchester Print Group has adopted an ownership model similar to John Lewis, arguably the UK s best known example of employee ownership, and has created an employee ownership trust. However, unlike John Lewis, the employees at Colchester Print Group will also have the opportunity to directly invest in the business by buying shares through a Share Incentive Plan.
Philip Colchester commented The move into employee ownership is a very good way of securing the business for generations to come . Philip also added We are very grateful to the support and advice from the John Lewis Partnership and to Co-ownership Solutions for their expert guidance throughout this process .
Norman Watson, Partner at Co-ownership Solutions, commented Philip is one of an increasing number of business owners who sees that employee ownership provides an ideal succession solution; he can stay involved in a business he is very passionate about, he can hand the business over to people who truly understand it and he is now able to benefit from the new capital gains tax reliefs on his proceeds from the sale.
This is a win-win situation for everyone and we are delighted to have helped Colchester Print Group on the next stage of their life .