Based in White Lund, Morecambe, Optimum Coatings is a forerunner in high-quality complex ophthalmic lenses and lens coatings. With the move to EO, it’s putting its seventy members of staff at the heart of its business.
It isn’t only employees who are benefitting. The move also brings increased job security, investment opportunities, and a success story that resonates with Morecambe's spirit of growth and innovation.
"We're not just building a successful business; we're creating a legacy of prosperity for our employees and our community," said Managing Director Paul Bailey.
"Our transition to an EOT is a testament to the potential that lies within Morecambe, and we're excited to be part of this positive narrative."
Finding the Best Exit Strategy
The transition to employee ownership has been years in the making. Paul and Sales Director Mark Marland have spent the last two years exploring options for how they would exit the business they built after turning sixty.
Speaking to Beyond Radio, Paul said: "(We could have) put the business on the market and sell it to someone else in the industry. That wasn't really something we wanted to do because it would probably mean that the business would move somewhere else which would mean everyone here would lose their jobs.
"We got introduced to the idea of the trust and liked the concept that we could hand over control to the employees over a phased period of time.
"We could have a bit of input into that, help them develop, and then hopefully we'll walk away with a strong management team in place to take the business forward."
After taking advice, Paul and Mark decided an EOT was the best way forward to preserve their legacy and safeguard the future of the business.
"It was really hard work because you want to tell suppliers and customers, but the key to us was the staff had to know first," Mark said in the radio interview.
"I've been in optics for 39 years, and telling the staff was the proudest moment of my life that we could do this. I think it's a great success story for the local community and the industry in general.”
As well as providing employees with heightened job security and a pivotal role in the company’s decision-making process, the EOT model also paves the way for increased investment in the business, driving innovation and development.
“Optimum Coatings are a great example of the many benefits employee ownership can generate for local communities,” said eoa CEO James de le Vingne.
“It’s a brilliant success story for Morecambe, for all the employees of Optimum Coatings and, of course, for Paul and Mark. Congratulations to all.”