In a major announcement, independent drinks firm Kingsland Drinks Group, has made a move to being partially employee owned by transferring majority shares to an Employee Ownership Trust (EOT).
The group, which includes Kingsland Drinks and newly established Ten Locks, has been led by current director shareholders - Andy Sagar, Karen Wilson, Michael Forde, and Mark Dix - for the last 17 years.
They will remain active in the business as executive members of the Board and will retain 49 per cent of the equity whilst moving the majority - 51 per cent - of the company into the EOT, giving employees indirect ownership status.
“The four shareholders have put a great deal of thought into the succession of Kingsland Drinks Group as we have a strong legacy of partnership and a family ethic,” Andy Sagar, executive chairman, said.
“We have always put employees at the heart of our business and the move to EOT allows our colleagues to feel even more connected to the company, and take pride in building for the future, having a real stake in the success of the business.”
The company will now have a board of trustees, consisting of one external independent trustee, two founder trustees and two employee trustees. The business, including the board of directors and senior management team, will continue to function as normal, with the board of directors/leadership team being accountable to the board of trustees.
Ian Hiscock, new chair of the trust board said; “I am thrilled to be joining the team at Kingsland Drinks Group as they embark on their employee ownership journey. Having spent my whole career working in and around EO businesses, I’m passionate about the benefits it can bring to a company and the people who make it a success: the employees.”
The company has also agreed new funding facilities in conjunction with its existing provider, NatWest, and a new partner, Wells Fargo, providing the business with additional funding headroom and the capability to plan for future growth with its stakeholders.
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