Number of employee-owned businesses in Wales hits 100
Number of employee-owned businesses in Wales hits 100
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The number of employee-owned businesses in Wales has reached 100, marking a major milestone for the Welsh Government’s ambition to promote employee ownership and its contribution to the national economy.
The latest figures mean Wales has not only met but exceeded the Programme for Government commitment to double the number of employee-owned businesses to 74 by 2026.
The Welsh Government supports employee ownership through its Business Wales and Social Business Wales services, which offer specialist advice to help companies transition through employee buyouts. The development agency Cwmpas also receives Welsh Government funding to promote and facilitate employee ownership across the country.
One of the most recent businesses to make the transition is BIC Innovation, an Anglesey-based consultancy firm specialising in innovation and growth, which also has an office in Bridgend. The company became fully employee owned via an Employee Ownership Trust (EOT) earlier this year, with support from Cwmpas.
BIC Innovation first introduced a share ownership scheme in 2018 before establishing its EOT to ensure long-term stability and employee involvement.
Huw Watkins, the founding director of BIC Innovation, said: “Although there were a number of paths open to us, creating an EOT was the one that best safeguarded our history and values. It reflects who we are: a people business, built on trust, collaboration, and long-term partnerships.
“This move ensures continuity of leadership while opening the door to new opportunities for the people who make BIC what it is.”
To celebrate the 100-business milestone, an event was held at John Lewis Cardiff, fittingly hosted by the UK’s largest employee-owned business, the John Lewis Partnership, which has around 74,000 co-owners.
Rebecca Evans, Cabinet Secretary for Economy, Energy and Planning, said the achievement highlights the growing strength of the model in Wales.
“Evidence shows employee-owned businesses are more productive and more resilient. They are also rooted in their local areas and regions, securing good quality jobs for the longer term within communities.
“We made supporting employee-ownership a key commitment for this government, providing significant support for employees to complete worker buyouts and ensure Wales-based companies remain rooted in a stronger Welsh economy.
“I am delighted we have hit the target of 100 employee-owned businesses in Wales. The scale of the sector has grown dramatically in the past few years with the potential for many more businesses to transfer to employee ownership and thrive.”
Nicola Mehegan, Project Manager at Cwmpas, said the milestone demonstrates the strength and ambition of Welsh businesses.
“Reaching 100 employee-owned businesses in Wales is a remarkable milestone that shows the strength and ambition of our business community.
“Employee ownership is strengthening the Welsh economy – keeping businesses and jobs rooted in local communities, boosting productivity and ensuring that wealth stays in Wales. This progress has been made possible by the Welsh Government’s clear commitment to employee ownership in its Programme for Government.
“Together, we are creating more resilient, innovative companies that safeguard the legacy of business owners and build a stronger, fairer economy for future generations.”
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