Product design company Shore has announced its transition to employee ownership, with over 30 members of staff given a stake in the business.
The company, based in Leith, Edinburgh, designs, engineers and develops class-leading drug delivery products, diagnostic devices and medical training products. Its global customer base features over 80% of its customers in the USA, EU, Switzerland and Japan.
Shore was founded in 2003 by current owner and managing director Nick Foley, who wanted to plan for his eventual exit by considering succession options early, therefore allowing for a smooth transition. He wanted a solution that would ensure the business remained independent and retained the company’s strong values and culture.
Foley said: “In due course I will want to exit the business, however having founded and developed it into a market leading company over the past 17 years, I didn’t want to sell to a third party and see the team’s hard work absorbed into another organisation with different values or a long-term strategy that might not match ours.
“We have developed a strong team ethic and a culture based on collaboration, support and respect. We’re not a group of individuals sharing an office – we are a team. Our people are hand-picked for the skills, creativity, experience and spirit they bring to our company, so it was important to me to give the company, the jobs and the brand the best chance of continued independent existence following my exit. The business should work for the employees, rather than the other way around, so employee ownership was the perfect fit for us.”
An Employee Ownership Trust has been formed and will hold a majority of the shares on behalf of the employees. Foley will remain a significant shareholder in the business.
The move to employee ownership comes despite current economic turmoil as a result of the COVID-19 pandemic, with Foley viewing the transition as an effective way to bolster staff morale and maintain engagement and productivity.
He added: “The staff are very excited about the transition, so it’s been a very positive experience and they’ve been really engaged in the process. Moving into employee ownership gives the opportunity for continued job security for all staff and enables them to have collective control of their future.”
