The South West beloved independent bakery is embarking on a historic new chapter for 99th anniversary as it transitions to an Employee Ownership Trust (EOT) - ensuring its over 400 employees will now effectively own the business.
The brand was founded in 1926 in Clevedon before shortly opening a second shop in Nailsea, and continuing to grow into a thriving business with locations across the region.
The move to an EOT means that the trust will hold 100% of the company’s shares, which will act as a legal entity overseeing the business on behalf of its employees.
All non-allocated profits will be also be distributed back to staff, ensuring that those who contribute to the bakery’s success directly benefit from it. Employees will also have a say in the company’s future direction, with trustees appointed to represent their interests.
The brand was founded in 1926 in Clevedon before shortly opening a second shop in Nailsea, and continuing to grow into a thriving business with locations across the region.
The move to an EOT means that the trust will hold 100% of the company’s shares, which will act as a legal entity overseeing the business on behalf of its employees.
All non-allocated profits will be also be distributed back to staff, ensuring that those who contribute to the bakery’s success directly benefit from it. Employees will also have a say in the company’s future direction, with trustees appointed to represent their interests.
Category
🛠️
LifestyleTranscript
00:00I'm Lee Insel Griffiths, I am the Retail Director for Parsons Bakery.
00:04We are entering our 100th year, we were family run up until April this year so
00:10we've been run by the Parsons family for 99 years and in April we became an
00:15employee-owned business.
00:19What led to the decision to be an employee-led business?
00:25So our majority shareholders Nick and Nicola were looking for a way to exit the
00:30business but they didn't want to sell it just to anyone so as you can
00:35appreciate 99 years there's a lot of legacy behind them you know it is a
00:39family legacy so they've entrusted it with the employees so that's why we went
00:43in that direction so for the employees you know there is that air of excitement
00:51there's definitely a different kind of energy happening out in our shops as you
00:54can hear in the background behind me I think for our team members you know
00:59we've always worked and represented the Parsons brand but now we are the Parsons
01:03brand.