The number of employee-owned businesses in Wales has exceeded a target set by the Welsh Government.
There are now 95 employee-owned businesses exceeding the Cardiff Bay administration’s programme for government commitment to double the number in Wales and reach 74 by 2026.
The Welsh Government’s Business Wales and Social Business Wales service offers specialist advice to support employee buy outs via employee ownership trusts (EOTs). One company to receive such support is Cambrian Training Group – a leading provider of apprenticeship and vocational training across Wales.
The Welshpool company, which marked 30 years of business by becoming employee-owned earlier this year, was established in 1995 as a subsidiary of Mid Wales Tourism to deliver vocational and hospitality skills as part of the development of the region’s tourism sector.
It now employs 65 staff and has expanded its work-based learning, skills and apprenticeship programmes into a range of other sectors, including manufacturing, retail, and financial services.
Arwyn Watkins of Cambrian Training Group, said: “Securing EOT status is a significant step in our journey. Our employees are at the heart of everything we do, and this move ensures that they have a direct stake in our continued success.
“The decision to move towards an EOT rather than opting for a trade sale was motivated by the desire to sustain the company’s culture, values, and commitment to quality over the long term.”
Cabinet Secretary for Economy, Energy and Planning, Rebecca Evans, said: “By improving employee well-being and job satisfaction, the employee-ownership model plays a key part in strengthening the foundations on which every successful business is built.
“It’s proven benefits include giving employees more control over their own destiny, and providing business owners with the peace of mind that the future of their business is in safe hands, and that the future of their highly valued employees has been safeguarded in the community the business was fostered in.
“I urge more businesses to explore the benefits on offer via Business Wales and Social Business Wales, to ensure Wales-based companies remain in Welsh hands.”
