Mitchells Chartered Accountants & Business Advisers celebrates UK Employee Ownership Day
Chesterfield Champion, Mitchells Chartered Accountants & Business Advisers are delighted to be part of the UK Employee Ownership Day (EO Day), run by the Employee Ownership Association (EOA) today (Friday 25th June 2021.)
Mitchells are taking part in this year’s campaign, to celebrate and raise awareness of how business is better together for individuals, businesses, and the community.
Since 2018, the company has supported several of our region’s businesses through the decision to become employee owned and have become a Trustee on their Boards to support their future journey.
One such business is specialist engineering company, P&D Specialist Services which was established over 30 years ago by brothers Pat and Dave Musgrave.
Pat Musgrave explained: “At P&D, legacy has always been important to us, and we wanted to keep it that way.
“An EOT was the only option that checked all our boxes because it not only gave our employees security, it also ensured that the legacy we had built could still be developed within the community.
“We were delighted to hand the company over to the people who are the most invested and critical to the success of the business – the employees.”
The UK government introduced the concept of EO in 2014 to encourage more businesses to transition to the corporate structure, that many colloquially refer to as the “John Lewis” model.
Mitchells Partner, Andrew McDaid explained: “For many years, the entire concept was overlooked and under utilised.”
“We have been talking to clients about EO since 2018 and have seen firsthand, the benefits that employee ownership can bring.”
“It’s great to see so many businesses raising awareness of EO and for any businesses who would like to know more, I would encourage them to speak to a firm who has many years’ experience of advising and supporting businesses through the considerations and challenges, such as Mitchells.”
Deb Oxley, CEO for the Employee Ownership Association, said: “Companies such as P&D Specialist Services are great examples of the economic and social benefits that can be achieved when employees have a stake and a say in the business in which they work.
“This year’s EO Day theme reflects what we have been hearing from our members – when it comes to resilience, mental health and well-being and good business we are better together.
“This rapidly growing sector of the economy offers many great reasons why more employee ownership has lots to offer the UK as it seeks to recover from the pandemic.”
With numerous events running across the UK and the involvement of thousands of employee owners and other partners, EO Day is an integral part of the EOA’s events calendar and was introduced to raise awareness of employee ownership as an economically strong and balanced business model.
The benefits of employee ownership have been proven in EOA-led research, and include improving employee health and wellbeing, increasing productivity and fostering creativity and innovation across an array of industry sectors. In addition:
• UK employee owned companies contribute over £30 billion to the UK economy annually
• Employee-owners have higher levels of job satisfaction, feel a greater sense of achievement and job security, and are more likely to recommend their workplace than employees in non-employee owned businesses
• Employee owned businesses operate in a range of sectors including healthcare, social care, education, transport, manufacturing, retail and professional services
Mitchells Chartered Accountants supports the marketing and economic growth of the town through Chesterfield Champions, a network of over 180 organisations across Chesterfield and North Derbyshire.
