Shore make the move to employee ownership
Published: 21 September 2020
Most businesses are faced with the question of succession at some point and ours is no exception. Current owner and Managing Director Nick Foley has been considering how to best “futureproof” Shore. To ensure continuity of all that is good about the company, we have decided that Shore will move to an Employee Ownership structure.
We are delighted to be joining a fast-growing community of successful businesses where each and every one of us has a stake in the firm in which we work.
Commenting, founder Nick Foley said: “In due course I will want to exit the business, however having founded and developed Shore into a market leading company over the past 17 years, I didn’t want to sell to a third party with values or long-term strategy that might not match ours. It is very important that we can provide continuity to both our staff & customers”
“We have developed a strong team ethic and a culture based on collaboration, support and respect. It was important to me to give the company, the jobs and the brand the best chance of continued, independent existence. Employee ownership was the perfect fit for us.”
For all day to day, commercial, legal and operational affairs, nothing will change – the same Shore you have always worked with will be run by our experienced team, and you will continue to do business with the same contacts. Everyone you have dealt with, and will deal with going forward, has a renewed commitment to supporting our customers. This is because all our management and employees will share their future together in the Employee Ownership Trust.
The Trust will hold a majority of the shares on behalf of the employees. Nick will remain a significant shareholder in the business.
Will Davies, Employee Trustee said: “On behalf of all the employees at Shore, we are tremendously grateful to Nick for entrusting us with the future of the company that he has so successfully and for so long built up. This exciting change guarantees that the whole team will strive to ensure that the values, ethos, standards and performance of the company continue to be maintained and furthered. The future is bright for Shore and our customers.”
Shore will continue to trade as the same legal entity it always has been. We operate with an open and transparent culture, both internally and with our customers & partners. If you would like to know more about our plans and aspirations, please don’t hesitate to get in touch with us.