British publisher The Folio Society has announced it has been sold under the terms of an employee ownership trust (EOT), giving its 40 employees 100% ownership.
According to the publisher, the move reflects its values and is an example of progressive sharing of power and profit in publishing. Its only beneficiaries will be those who work in the business, with social enterprise, employee wellbeing and engagement driving the approach.
The decision to transition to an EOT was made by shareholder and management board chair Kate Gavron and CEO Joanna Reynolds, who stated that they are committed to “new and inclusive approaches” to company ownership that underpin the direction of this move.
The structure of the business will not change with the current management board remaining in their roles. This includes Reynolds, CFO Urmi Dutta-Roy, publishing director Tom Walker, marketing director Emma Lawson, business services director Mark Mainstone, and non-executive chair Brian Edwards, with the latter two also serving as company directors.
In addition, an employee council and The Folio Society Trust are the other key elements of the structure.
Gavron explained that the shareholders are “delighted” by the creation of an EOT for The Folio Society, and believes that it is fitting that the new owners should be the employees, as they are the people who have made it what it is today.
“I am confident that Folio has an exciting and successful future under the leadership of Joanna Reynolds, with an excellent management team supported by Brian Edwards as non-executive chair,” she said.
Reynolds added: “The Folio leadership team is very excited about the move to an EOT. It is a progressive, innovative, industry-leading approach that reflects our values and will position the business strongly for the future. The people who have driven the business forward and who will continue to strive for excellence in everything we do, will own Folio.”