Steve Baker and Martin Powderly continue as directors under employee ownership trust
Going to work at Pigment has become far more important for all the staff as they now own the greeting card publishing business between them.
Aiming to secure its long-term future, the Harrogate-based publisher has just completed a deal to transfer ownership to an employee ownership trust (EOT) which means everyone who works there is now one of the owners, and it has a fresh logo and Wonderful Paper Moments tagline.
Sales and marketing director Steve Baker, who had owned the business with creative director Martin Powderly since completing a management buy-out in early 2021, said: “Martin and I have sold our shares in Pigment to the trust, but are fully committed to working in the business long term and remain as directors.
“Innovative, strong and agile, Pigment will continue to create Wonderful Paper Moments – with a future owned by the very people who make it all possible.”
MD Lynsey Burbidge added: The EOT model feels right for the business. It means we retain our independence, and our experienced, loyal team can drive performance of the business and be rewarded for it.
“There will be no change to the day-to day mechanics, Martin, Steve, general manager Debbie Saltmarsh and I will continue to run the business as before and look forward to servicing our wonderful customers in 2025 and beyond.
“This change is a reflection of our belief in the incredible people who have shaped Pigment into what it is today. Our team’s dedication and passion are the foundation of our success, and the EOT model ensures their hard work can be recognised and that they are rewarded for it.”
EOTs were introduced in the Finance Act 2014 to encourage indirect share ownership to individual employees, giving them a direct interest in their future and aiming to encourage greater productivity and innovation at work.
Lynsey added that shares are held in a discretionary trust for the long-term benefit of the total workforce, having the effect of stabilising the company’s ownership structure and securing its independence, and the EOT includes staff at the Ripon distribution centre who can be seen in the reel below.
“This is a really positive next step for the entire business and all our people,” Martin told PG Buzz. “This change is about continuity, not disruption. Pigment remains the same company, with the same team, with the same leadership team, and commitment to our customers. The only thing that has changed is who owns the business.
“Becoming an EOT gives our team long-term confidence and a stake in shaping the company’s future and the opportunity to directly benefit from its success. It also signals that Pigment is here for the long run. We are excited and optimistic about the next stage in the Pigment story.”
Well-known employee-owned companies include John Lewis & Partners, Richer Sounds, Aardman Animation and gift company Joe Davies, with studies showing such ownership drives greater employee engagement and resilience, making them better able to weather economic cycles.
Pigment also has a brand-new website with updated graphics and simplified ordering process for trade accounts and special discounts for first orders through the platform, which can be seen in the reel below.
