New business body launches with aim to create 10,000employee-owners by 2029
Launched on the 22nd of January at an event in Belfast’s Titanic Hotel, Employee Ownership Ireland is on a mission to increase the uptake of employee ownership here and make this the succession model of choice for local business owners.
Supported by charitable grant-making organisaton the DLD fund, Employee Ownership Ireland’s board is comprised of business leaders who themselves have adopted the business model or supported other organisations through the process.
Karen Maguire, Founder of Relinea, has been appointed as chair of the group and other members include Joan McCoy, Director, White Ink Architects; Ronan Heenan, Director, People 1st Anthony McVeigh, CEO, S&W Wholesale; with Employee Ownership Specialists Glen Dott and Andrew Harrison, and Aidan O’Neill, Head of the DLD Fundwho will be advising the board
Addressing the event, which will be attended by around 100 local business leaders and hosted by Sarah Travers, Aidan will outline todelegates why he believes employee ownership could bring significant benefits to the economy here.
“Essentially Employee Ownership refers to a business model where employees own a significant portion of a company either directly or through stablishing trusts. All evidence shows that this approach can increase productivity and employee engagement which is obviously beneficial in terms of overall outputs and profitability.
“But what makes it so appealing, from a DLD perspective, is that employee ownership is a much more viable way to retain businesses within communities and secure their long-term sustainability. Many family businesses struggle when it comes to succession planning, so our goal is to present employee ownership as a feasible solution for business continuity.
“Our goal to reach a target of 10,000 employee owners by 2029 may seem to be an ambitious one but we believe that we can provide the right level of support through Employee Ownership Ireland to guide local business owners through this process.”
Newly appointed Chair of Employee Ownership Ireland, Karen Maguire, who founded Crumlin-based manufacturing business, Relinea, which has been employee owned since 2022 will also feature on the line up of speakers.
Karen says, “The journey to becoming an employee owned has been a fantastic experience for everyone at Relinea, so much so that we are now proud ambassadors for EO and passionate about further growing its appeal. The transition has made a positive impact on all aspects of our day-to-day operations but is perhaps most evident in our culture and how we work together.
“Chairing Employee Ownership Ireland offers a great opportunity to showcase the many opportunities afforded to local companies across all sectors through EO, and I’m looking forward to working with my new colleagues to broaden the appeal and really highlight the many social and economic benefits businesses here can tap in to.”
Minister for the Economy, Conor Murphy MLA, is set to attend the event, and will tellthe audience that he believes creating new employee-owned businesses is way to strengthen the economy across the region.
“The Department for the Economy is fully supportive of this business model, and I commend the work of Aidan and the DLD Fund for all their efforts to create this new body. All the department’s research to date points to solid evidence that employee ownership is an assured to turn succession into success, so I wish this new taskforce well with their endeavours and assure them once again of our full support.”
Employee Ownership Ireland have planned a series of roadshows throughout Northern Ireland next month. Full details of these events, including information on how to register can be found here
