Employee Ownership Day celebrations were given an extra boost as the Northern Ireland Economy Minister, Dr. Caoimhe Archibald (above centre), announced almost £100,000 of funding to Employee Ownership Ireland.
This funding will be used by the newly established business board to raise awareness of the employee ownership trust model in Northern Ireland and to support those businesses who are in the process of or interested in transitioning to employee ownership through funded feasibility studies.
The announcement was made on the eve of Employee Ownership Day when Minister Archibald visited S&W Wholesale, a Newry-based wholesaler which became an EOT in January 2023.
The economy minister took part in S&W’s celebrations for Employee Ownership Day which is celebrated across the UK on June 20th and aims to empower the EO community and its supporters.
This year sees the biggest celebration to date of EO Day in Northern Ireland as more and more businesses have transitioned to the business model which brings many proven benefits to firms, employees and the local economy.
Currently there are 16 Employee Owned businesses operational across Northern Ireland and include firms from all sizes and sectors including FMCG.
This represents over 1,000 employee owners now in NI and is in line with Employee Ownership Ireland’s aim of creating 10,000 employee owners by 2030. The model is a transformative approach to business where employees hold a substantial financial and decision-making stake in the organisation.
Making the funding announcement, Minister Archibald described the benefits of employee ownership as profound and far-reaching. Businesses often see improved performance, employees experience greater job satisfaction and financial rewards, and society benefits from stronger, more resilient local economies.
Minister Archibald said: “The benefits of employee ownership are well documented and are strongly aligned with my economic plans. Employee-owned businesses pay, on average, a higher wage. They are more likely to remain in the same location and invest in their local economy, and importantly, they are 8-12% more productive.
“Today’s funding announcement will help increase awareness of employee ownership and support businesses transitioning to employee ownership through funded feasibility studies.”
Aidan O’Neill, board member of employee ownership Ireland, said: “We welcome the minister’s announcement today and are encouraged that this funding will now be available for businesses across all sectors interested in becoming an EOT. Much of this funding will be directed towards providing feasibility studies for firms who at the beginning of the EO journey, and will enable the EOI board to continue offering mentorship, peer-to-peer support and a bank of resources at crucial early stages.”
Anthony McVeigh, CEO of S&W Wholesale added: “It was wonderful to welcome Minister Archibald and her team to S&W Wholesale today and speak to the many positives of being a business operating for the benefit of the employees.
“Since S&W made the transition in 2023, we’ve experienced significant growth and are supported by a highly engaged and committed workforce. We have a very positive story to tell and are grateful to the minister for taking the time to visit our offices and meet with many of our brilliant colleagues who are now playing an even greater role within the business.”
To learn more about the Employee Ownership Ireland and the support they can offer businesses search Employee Ownership Ireland where you can also find information on how to apply for a fully funded feasibility study.
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