16 December 2014

Colchester Print Group successfully moves into employee ownership

Life at Colchester Print Group started on All Fools Day April 1st 1976, and over the decades the business has been a pioneer in several different ways. Most recently the business has taken the exciting step of moving into employee ownership.

The transition into employee ownership will provide a succession plan, help increase prosperity for employees and make the company an inspiration for other businesses in East Anglia.

Founder Philip Colchester who will remain as Chief Executive said: "Whilst printing in its present form is seen by some as a declining market we see it very much as evolving and there are exciting times ahead, and the move into employee ownership is a very good way of securing the future of the business for generations to come. We are very grateful for the support and advice from the John Lewis Partnership, who have been very open and willing to share the workings of their unique business model, as we have made this journey towards employee ownership."

The move comes after three years of research, after which the business opted for a structure very similar to the business model favoured by John Lewis, one of the most successful employee owned businesses ever. Colchester Print Group's employee ownership structure utilises an Employee Ownership Trust (EOT) with an additional facility that allows employees to invest directly, through a share incentive plan, in their own name.

Deb Oxley, Director of Membership at the Employee Ownership Association (EOA) said: "We've worked very closely with Philip and the team at the Colchester Print Group throughout their transition to employee ownership and we celebrate with them, congratulations. They are now part of a growing sector that contributes £30bn annually to the UK economy. Employee owned businesses achieve higher productivity and greater levels of innovation and are more resilient to economic turbulence. They also have more engaged, more fulfilled and less stressed workforces."

Whilst there are no guarantees to success with employee ownership and sound business decisions still have to be made the employee ownership business model is a no brainer for a business in a mature marketplace like the Colchester Print Group. The very people who have a vested interest in the ongoing success of the business are the people who work in it - its employees. 

It's a known fact that employee owners have higher levels of job satisfaction, feel a greater sense of achievement and job security and are more likely to recommend their workplace than employees in non-employee owned businesses, that's why Colchester Print Group have moved into and proudly support employee ownership.

Employee owned companies currently contribute 4% of GDP to the UK economy. Colchester Print Group is fully committed to the Employee Ownership Association's goal of seeing this increase to 10% by 2020.