EOA welcomes Riverford’s transition to employee ownership
The EOA welcomes Riverford’s transition to employee ownership which was announced on BBC Breakfast today (8 June 2018).
With 74% of the business being held in an Employee Ownership Trust, 650 employees will now have a voice and stake in the outcome of the business.
Founder of Riverford Guy Singh-Watson, who will retain 26% of the business, began Riverford Organic Farmers when he started delivering vegetables to 30 friends in Devon. Now with more regional farms, they deliver 47,000 boxes of veg a week to homes around the UK.
On announcing that they were due to become employee owned Guy Singh-Watson said: “We believe employee ownership offers a positive model for a values-driven business to secure its values and its commercial success, for the long-term benefit of all.
On the BBC he added: “I think they are the best people to run the business and I think that this will make us more innovative and competitive.”
An employee from Riverford called Jen added: “It’s really exciting. It gives a structure and allows us as employees to have a voice and a say in how we might do things better.”
Deb Oxley, CEO of the Employee Ownership Association, said: “We welcome the news that Riverford has transitioned to employee ownership which will root the business in the communities that it serves for the longer term and offers a sustainable succession plan for the future of the business.
“The UK economy now has 650 more employee owners which has an ownership dividend for the individual, the business and the economy.”