Publishing services company transitions to employee ownership to ‘reward people who make our business work’
The Employee Ownership Association (EOA) congratulates publishing services company Prepress Projects Ltd after it announced that it has transitioned to an employee ownership trust (EOT) model.
The Perth-based company joins over 140 employee-owned businesses in Scotland in a move that will secure the future of Prepress Projects as an independent company and allow it to continue to serve its clients while safeguarding jobs locally.
Prepress Projects was founded in 1991 by Helen and David MacDonald and provides writing, editing, layout and related services to publishers and public sector organisations worldwide – specialising in science, medical and humanities publishing.
Lucy Harrier, Managing Director, said: “The transition to employee ownership is the right decision to protect the long-term future of Prepress Projects and its employees here in Perth.
“We are committed to providing first-class publishing services to our clients, and employee ownership allows us the stability and long-term security to continue to do that.
“We value our employees highly, as shown through our ‘Investors In People’ awards over many years, and we want to reward the people who make our business work through their hard work and dedication.
“Employee ownership allows all our staff to benefit from the company’s success.”
Employee ownership trust to act like a ‘guiding hand’
With the support and advice of Baxendale Employee Ownership, Prepress Projects has established an EOT to hold 100% of the company’s shares for the benefit of its employees. The company is now entirely employee owned.
While the company continues to be managed on a daily basis by the existing management team, the Trust acts as a guiding hand to ensure the long-term stability and success of the business.
Following the UK Government’s introduction of the employee ownership trust model in 2014, employee ownership has become an increasingly popular succession option for businesses in the UK. There are now over 1000 employee-owned businesses in the UK, and one in every 20 private company sales is now to an EOT.
James de le Vingne, Chief Executive of the Employee Ownership Association (EOA), said: “We congratulate Prepress Projects and its new employee owners – their move to employee ownership will sustain the values and independence of the business for the longer term.
“Businesses that give employees a stake and a say build trust and shared responsibility, therefore uniting leaders and employees behind a common purpose. This leaves the business in a better position to flex and adapt.”