EOA congratulates Aardman on securing its future through employee ownership
“We congratulate Aardman on its transition to employee ownership which is a great example of where the EOT model can be used to secure the businesses ethos, creative values and independence for the longer term while helping those who supported its creative success to share in the value they create.
“They are a great British brand; born ,raised and now rooted in the Bristol and the UK economies for the longer term as it’s founders plan to sustain the business after their exit
“This has been an exciting journey for us to support David, Peter and the team knowing that Aardman’s iconic productions will continue to bring joy to fans new and old for many more years to come”, said Deb Oxley, CEO of the Employee Ownership Association.
Below we share Aardman’s full release in which our CEO Deb Oxley’s comment is included:
OSCAR WINNING STUDIO AARDMAN DETERMINES ITS OWN FUTURE THROUGH EMPLOYEE OWNERSHIP
CO-FOUNDERS PETER LORD AND DAVID SPROXTON ANNOUNCE SALE OF COMPANY TO WORKFORCE TO PREPARE FOR THE LONG TERM FUTURE
November 10, 2018: With over 40 years of producing award-winning content, Aardman co-founders Peter Lord and David Sproxton announced today that they are preparing the company for continued success over the next few decades by transferring the company into Employee Ownership, effectively selling the company to the workforce.
The sale is aimed at ensuring that Aardman remains independent, thus securing the creative legacy and culture of the company for many decades to come.
The majority of Aardman’s shares will be transferred into a trust, holding them on behalf of the company’s workforce. The senior management team will remain in their existing roles and will form the Executive Board, creating a seamless transition for the company and ensuring creative, cultural and business continuity.
David Sproxton will continue as Managing Director and will look to appoint a new MD within the next 12 months to replace him at which time he’ll segue into a consultancy role. The MD will remain accountable to the Trust.
Peter Lord will remain in his role as Creative Director at the company with a focus on the company’s feature film output. This includes the upcoming features Shaun the Sheep Movie: Farmageddon, co-directed by Richard Phelan and Will Becher due for release in autumn 2019 and Chicken Run 2, currently in development with Sam Fell set to direct.
“We’re not quitting yet”, said Lord & Sproxton, “but we are preparing for our future. This approach, the creation of an employee trust, is the best solution we have found for keeping Aardman doing what it does best, keeping the teams in place and providing continuity for our highly creative culture. And of course, those that create value in the company will continue to benefit directly from the value they create”.
“The statistics show that employee owned companies are significantly more successful than conventionally owned companies. So we are very excited by the prospect of seeing Aardman roll far into the future under this arrangement and can rest easy that those four decades which have slipped by have paved the way for many more years of great creativity”, they continued.
Four-time OscarÒ winning director Nick Park will continue to have an active role in the studio’s feature film and shorts productions. Park has been a fundamental creative voice at the studio since joining in 1985 and is known for his legendary Wallace & Gromit, winning
three of his four OscarsÒ for the characters in the shorts The Wrong Trousers, A Close Shave and Best Animated Feature Film for The Curse of The Were-Rabbit. He co-directed the global box office smash hit Chicken Run and made his sole director debut with Early Man, a prehistoric comedy adventure released earlier this year. He will form part of the new Executive Board of Directors, who will report to the Board of Trustees.
In addition to Park, other members on the Executive Board of Directors include Carla Shelley (Executive Director, Feature Production), Heather Wright (Executive Director, Partner Content), Kerry Lock (Finance Director), Paula Newport (Director, People & Culture)
Sarah Cox (Executive Creative Director -Intellectual Property Development) and
Sean Clarke (Executive Director, Rights & Brand Management).
The role of the Board of Trustees is to ensure the Executive Board is staying true to the core values of the organisation and acting in the interest of its workforce.
“Over the last 42 years, Peter and David have shaped Aardman into creative force, whose dynamic creative culture allows it to develop, produce and distribute unique and comedic films and series for audiences all over the world. EO is a perfect way of futureproofing that independent spirit and thinking, and allow us to protect the legacy whilst continuing to nurture new talent and ideas and diversify our storytelling into new areas of theme parks, console games and interactive content. I know I can talk on behalf of the whole board of directors in thanking the founders for the opportunity to be asked to be part of the board whom will take the company forward in the next exciting stage of its evolution”, said Heather Wright.
“We congratulate Aardman on its transition to employee ownership which is a great example of where the EOT model can be used to secure the businesses ethos, creative values and independence for the longer term while helping those who supported its creative success to share in the value they create. This has been an exciting journey for us to support David, Peter and the team knowing that Aardman’s iconic productions will continue to bring joy to fans new and old for many more years to come”, said Deb Oxley, CEO of the Employee Ownership Association.
Aardman was founded by Peter Lord and David Sproxton 1972 and since its inception has been committed to engaging audiences with compelling stories and characters through animation.
Based in Bristol, over the past forty years, Aardman has grown into a multi-award-winning global entertainment studio that encompasses film, series, video games, attractions, commercial advertising, interactive content and rights & brand development. The studio has won four OscarsÒ and fourteen BAFTAs across both its short and feature films output dating back to 1989 with Creature Comforts. Aardman acquired a majority stake in New York based company Nathan Love in 2015 which focuses on animation work for the advertising industry.