Ownership restructure at Sawday’s
Sawday’s and Sawday’s Canopy & Stars has undergone a change in its ownership structure, with 52% now owned by its employees.
It comes after founder Alastair Sawday sought an ‘exit’ from the family-owned company after 25 years.
The hybrid model, thought to be the first of its kind, sees the majority share going to the employees of the Bristol-based company, 24% to a newly-established Sawday charitable Trust and 24% remaining in the family.
Sawday said he came up with the idea after reading a book by David Erdal called Beyond the Corporation: Humanity Working about employee ownership.
The restructure was made with the guidance of the Employee Ownership Association.
"I started Sawday’s over 25 years ago and have always wanted the company to promote what is good and decent and to do so in perpetuity, if possible," he explained.
"So, in my early 70s and contemplating my ‘exit’, what was I to do? It was not attractive to sell to the highest bidder and ignore the employees. Employee ownership, I believe, provides a lot of answers to the questions I have pondered.
"Why not re-create Sawday’s to give it a deeper purpose, to embed further the values and ethics I have long campaigned for, and to engage and empower the employees who share this vision. Through the charitable influence of the new Sawday Trust, the values of the company and the continuing drive and enterprise of the family we will continue to fly the flag for independence."
According to figures from the Employee Ownership Association, there has been 60% growth in the sector over the past seven years. primarily driven by owner founders using employee ownership as a solution to business succession.
It says EO companies also show higher levels of consumer trust, resilience, productivity and employee satisfaction.
"The general trend of EO companies is to do better, so I could not be happier with the direction we are taking," said Sawday.
"Our purpose and values have always been clear and now that the company is primarily owned by its employees we will go from strength to strength."
At the end of last year, former Brittany Ferries group commerical director Mike Bevens joined Sawday’s as managing director.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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