Family-owned Denny Bros Group has announced an exciting move into employee ownership.
The UK group, known internationally for its expertise in the field of Fix-a-Form® multipage label printing and machinery, has restructured its ownership so that a majority shareholding is now held in trust for the benefit of the employees whilst the Denny family retain a minority shareholding.
The group, which has its headquarters in Bury St Edmunds, reached its 75th anniversary last year and has made this move to safeguard its independent future.
Denny Bros Ltd Managing Director, Graham Denny, said: “In the last few years, we recognised that we needed to develop a long-term plan and address what is possibility the toughest responsibility for all business owners to deal with – to plan for our own succession.
“Traditional options such as selling the business did not appeal because we wanted to ensure the values that have made the Group successful, such as our focus on customers and care for our employees, would continue.
“We pride ourselves on our reputation for innovation and when we investigated the idea of an Employee Ownership Trust it immediately appealed to us as an innovative way to address the question of succession, giving our staff transparency and reassurance moving forward as well as placing them at the heart of the business.
“We also think staff will enjoy knowing that they indirectly own the company they are working for – collectively sharing in the success their hard work brings.”
Comprising of 11 companies, the Denny Bros Group is best known for its innovative printed products and in particular the Fix-a-Form® booklet labels. Its other activities cover everything from engineering, tool and die making, signs and nameplates, conference facilities, property management and machinery sales.
Andrew Denny, Director of Fix-a-Form International added “The Group incorporates a diverse but closely connected range of activities. By empowering each individual employee throughout the group we will ensure that all these elements are allowed to thrive and no opportunity and no customer, however big or small, gets neglected.”
An Employee Ownership Trust is currently used by more than 500 UK businesses, including John Lewis, and is an arrangement where employees indirectly become the owners.
Barry Denny, Chairman of the Group, said: “Denny Bros has made its name as a world-leader on the quality of the company’s in-house expertise – an achievement that would have been impossible without the contribution of our employees.
“We believe employee ownership allows for the greatest degree of continuity, stability and resilience among all the possible options we considered. We have ambitious plans to deliver further growth and I look forward to this new model helping us achieve this.”