A CHANGE OF OWNERSHIP STRUCTURE
The shareholders, as the owners of the Greens Group, which is Greens Ltd, AMM, Wimpole and Doxzoo, have taken the decision to sell 100% of their shareholding in the company to a newly created Employee Ownership Trust (EOT). An EOT is a Government backed scheme with the aim of increasing employee engagement to ensure the long term future and stability of the businesses, whilst allowing the previous owners to retire over a period of time.
The new board of directors, who are now legally running the business, are; Mark Player, Martin Day, James Mortimer and Dan Buckland. We are all delighted to announce the start of a new chapter for Greens Group.
This is something the shareholders have been deliberating over for some time, as they tried to determine the best future route for the evolution of the Group and most crucially, how we can best protect jobs and secure a safe and positive future for all of the employees.
A trade sale, while attractive to shareholders, would not have guaranteed the security and continued employment of many of our colleagues who have made such great contributions to the success of the business in recent years and as such the option was not seen as attractive.
The EOT gave us “the perfect compromise”. It ensures the continuity and integrity of the business, while fully engaging a committed workforce in the knowledge that they will all share in the future success of the Group. It also provides additional reassurances to our customer base that the business has taken steps to protect both its employees and the supply chain for the long term.
WHAT DOES THIS MEAN?
The Directors and management will continue to run the business for the benefit of all the employees with no outside influences. All employees will be represented by an Employee Committee, which can pass on views to the Board of Directors. This move allows employees to have an influence on decisions made about how the business works and future initiatives.
The Trust owns the shares, for the benefit of all current employees, meaning the beneficiaries of the trust is all employees, with a minimum of 12 months service.
The employees of Greens are key to everything we do so we hope the EOT structure will further inspire you to help us drive the continued growth of the business, maintain job security and, as we move through the next stages of the business’s life, hope you feel pride in the part you play.