The Welsh Government is celebrating doubling the number of employee-owned businesses in Wales - including a highly regarded woollen mill - almost two years ahead of schedule.
Today, on Employee Ownership Day (Friday 21 June 2024), the Welsh Government has announced it has reached its aim of 74 Wales-based businesses being under employee control. This new total had already grown from 37 in 2021 to 63 last year.
The 2026 target was set by previous Economy Minister Vaughan Gething in 2022, hand in hand with a commitment to support buyouts by workers and help ensure Welsh companies remained in Welsh hands.
The Welsh Government’s Business Wales and Social Business Wales services offer specialist advice to support employee buyouts, with fully funded and bespoke assistance available to help business owners decide if employee ownership and share schemes are the right solution for their business.
Pembrokeshire-based woollen mill Melin Tregwynt became employee-owned in 2022, marking the business’s 110th anniversary.
The family-owned mill and shop was handed over to its 42 employees by its owners at the time, Eifion and Amanda Griffiths. Eifion’s grandfather founded the textile business in 1912 after buying the mill.
The ownership has been transferred via a trust and gives all employees a stake in the future of the business. This will preserve the knowledge and traditional skills developed over the last century since the company was founded.
For further information please select the following links: Not your ‘run of the mill’ business model! | GOV.WALES