UK Meds announces move into an Employee Ownership Trust

UK Meds is pleased to announce that, as of Friday the 22nd of March, we have transitioned to an Employee Ownership Trust (EOT). 

What is an Employee Ownership Trust (EOT)? 

An Employee Ownership Trust is an initiative supported by the UK government to encourage employee ownership of companies. It allows business owners to sell their shares to a trust that is owned by the employees of the company. This ensures the company is owned and run with the interests of employees in mind, as well as encouraging employees to share their thoughts and ideas even more. 

Examples of other well-known companies that are also employee-owned include John Lewis, GoApe, Richer Sounds, and Aardman Animations, the company behind Wallace and Gromit. 

What are the benefits of an Employee Ownership Trust (EOT)?

The main benefits that UK Meds employees will experience thanks to the EOT include:

• Aligning the goals of stakeholders and employees.

• Improved employee retention and morale.

• Encourages innovation at all levels.

• Improved business performance by driving the growth of stakeholder values.

• Employee ownership encourages employee engagement.

As part of the movement to become an EOT, a new trust board has been created that includes employee representatives. 

Joe Soiza, Managing Director of UK Meds commented:

“We are thrilled that the EOT is finally complete. This is a testament to the hard work of our Financial Director Luke and all of the team. It is important to us that we can give back to our loyal employees, and this will only strengthen the team that we have built.”

Sources

• Gov UK - Employee Ownership

• Postlethwaite - Employee Ownership Trust (EOT)