A Black Country manufacturer has expanded an employee-ownership scheme following a recent buyout - meaning all staff are now shareholders in the business.
Alloy Wire International underwent a management buyout (MBO) in January which was led by managing director Tom Mander, technical director Andrew Du Plessis and finance director Adam Shaw.
The company has now extended its employee ownership scheme to include all 33 members of staff.
Brierley Hill-based Alloy Wire International was founded in 1946 and makes a variety of different wires, bars and wire rope in more than 60 different alloys for use in industries such as aerospace, nuclear, automotive and medical.
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It said the move to an employee-owned model had been a long-term commitment that first started in 1999 when former owner Bill Graham fulfilled a 23-year vision of putting staff at the heart of the business by giving them shares and the opportunity to benefit from its growth.
Since then, revenue has grown from £1 million in 2000 to £12.8 million at the start of 2022, with predictions of hitting £18 million by the close of this year.
Mr Mander said: "Bill's decision at the start of the millennium gave us a distinctive edge to our business and this was something Mark Venables took on when he led the previous MBO in 2013.
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"Working our way up in the business, we have seen first-hand what the employee-ownership scheme has meant and the sense of commitment and pride it brings.
"It was a natural decision to use our own MBO to include the new members of staff and get all 33 employees on the same scheme."
Mr Shaw added: "Employee ownership is a growing trend but we've been doing it for many years.
"Staff feel more tied into the business in a positive way because they are directly rewarded for the work they do, which produces a sense of fairness and, in turn, creates a tighter community amongst employees."