At the end of September, Pym & Wildsmith (Metal Finishers) Ltd is becoming a completely employee-owned company, using an indirect ownership format, allowing all employees to share in the success of the business and ensure the long-term sustainability of the company.
Whilst a change in ownership will have some impact, the leadership of the business will continue to be supported by both Sarah Pym-Eaton and Ian Pym who will remain as directors. The Operations Board also includes the introduction of a Managing Director role, and the current Operations Manager, Craig Taylor, has been appointed. Craig has been involved with the succession discussions for some time and is enthusiastic about the opportunities available for the business within the new employee ownership landscape.
Managing director, Craig Taylor said
“I would like to go on record and thank the Pym family for this exciting opportunity given to myself and the team. I am really looking forward to delivering for our customers and working together to achieve success for everyone”
What is Employee Ownership?
Employee ownership can take one of three forms:
- Direct employee ownership – using one or more tax advantaged share plans, employees become registered individual shareholders of a majority of the shares in their company;
- Indirect employee ownership – shares are held collectively on behalf of employees, normally through an employee trust;
- Combined direct and indirect ownership – a combination of individual and collective share ownership.
Pym & Wildsmith will operate using the indirect ownership structure, with 100% of shares being placed in an Employee Ownership Trust. Business Integration manager Tara Tortoishell will become the employee representative on the Trust Board and will work alongside the other trustees to ensure the company is being run in the best interests of the Employees.
Commenting on the decision, financial director Sarah Pym-Eaton said:
“Having such a long-standing business, eventually you must look towards your own wishes for retirement and life outside of the business, by investigating the succession plans that can be put in place. As a family, we have committed our lives to this Company, and we want to be able to see our Company continue from strength to strength, providing for our extended family and our employee’s families for generations to come. It was important for us that the legacy and values were upheld having worked hard towards them over the past 40 years. Our employees and customers were at the forefront of our thinking when considering which option to take. This decision means we will be able to retain and attract the right people for our business culture, enabling us to continue delivering to our customers the very best service.”
Our New Operations Board
Pym & Wildsmith has been Operating for Over 40 years
Founded in 1979 by Stephen Pym and Tony Wildsmith, Pym and Wildsmith metal finishers limited has established themselves as a leading business in the Midlands, employing over 50 people at their Bramshall-based facility. Having been tirelessly involved in the running of the company, and following a considerable period of discussions around the succession of the business, the Pym family decided on transferring to employee ownership. The Founders believe employee ownership offers the best opportunities to uphold the legacy and values of the company, whilst enhancing job security and employee engagement.
We will be providing more news and updates about our Employee Ownership journey soon, but for more information, please visit www.employeeownership.co.uk or Contact Us and we will be happy to help!