Existing management team remains in place with Steve Davies as ceo
Greeting card and gift retailer favourite Joe Davies has announced the Manchester-based giftware importer and distributor is to become a wholly employee-owned business.
The existing management team remains in place, headed up by ceo Steve Davies whose great-grandfather Joe set up the company 105 years ago, while the full 100% of shareholding for the business will be held by the Joe Davies Employee Ownership Trust (EOT) for the benefit of all employees.
“I am very proud to be able to say that the transition of the company to a 100% employee-owned business will see Joe Davies being run, and owned, by the very people that make Joe Davies what it is,” Steve said.
“While I’m not retiring any time soon, and my dad Peter is still very much involved with Joe Davies, there is no fifth generation of family coming through. For Peter and I, an EOT is the perfect solution to secure our staff’s livelihoods and to look after my grandpa Joe’s legacy.
“This allows Joe Davies to continue in its own special way and serve our lovely customers for many years to come. While employee ownership is not new, with perhaps the most famous example being John Lewis, it is one of the fastest-growing ownership models in the UK.”
And md Paul Hooker added: “The whole team are immensely proud and honoured to be with the company as we transition to being an employee-owned business. Day-to-day this will ensure that there is no change in the way we operate or shift in our values.”
The deal has been some time in its preparation, with the business guided and supported by both the Employee Ownership Association and advisors Baxendale Employee Ownership, a specialist law firm who have been helping companies transition for over 14 years.
Baxendale’s Simon Everingham commented: “Joe Davies really is the perfect fit for the EOT model and has enthusiastically embraced the process. It’s been a real pleasure helping them to take the next step on their journey, which protects the legacy of the family and all that makes the company so special.”
Joe Davies will be at Birmingham’s NEC for Spring Fair, over Sunday to Wednesday, February 4-7, in Hall 4 Stand 4C10/D11.
