Employee-owned businesses in Wales double in number

The number of employee-owned businesses in Wales has doubled.

The Welsh Government celebrated this milestone, which includes a famed woollen mill, achieved almost two years before the target date.

On Employee Ownership Day (June 21) officials announced that 74 businesses in Wales are now under employee control. This is up from 37 in 2021 and 63 in 2022.

This significant growth target was orchestrated by First Minister, Vaughan Gething, in 2022 when he was the economy minister, with the aim of achieving the figure by 2026.

The goal was to support workers' buyouts and ensure Welsh companies remained under Welsh ownership.

The government offers expert advice to businesses contemplating employee ownership and share schemes through its Business Wales and Social Business Wales projects.

They offer tailored, fully funded assistance to owners deciding if this is the ideal path for their companies.

In Pembrokeshire, Melin Tregwynt woollen mill turned over to its 42 employees in 2022, marking its 110th anniversary.

Previously, it was owned by Eifion and Amanda Griffiths, relatives of the founder who purchased the mill in 1912.

The mill was turned over via a trust, providing every employee with a stake in its future.

Ms Griffiths said: "By passing the torch to our employees, we're not just leaving a business; we're entrusting a century-old legacy to those who have contributed the most to its success.

"This decision has imbued our business with a renewed sense of purpose and commitment.

"They are not just maintaining the traditions of Melin Tregwynt – they are evolving them."

Jeremy Miles, Welsh Government's cabinet secretary for economy, energy and Welsh language, praised this development.

He said: "Employee ownership delivers numerous benefits for employees and for businesses alike.

"These are places rooted in their communities, providing quality, long-term jobs for the local area.

"Achieving 74 such businesses in Wales is a fantastic achievement and I look forward to seeing more in the coming years."

Previously, only two to three employee buyout deals occurred annually in Wales, but the model has gained significant traction in recent years.