The Welsh employee-owned sector has added another business to its ranks, in the shape of award-winning Cardiff-based Orchard Media and Events Group.
Orchard, which made the switch with the support of Welsh co-op development agency Cwmpas, has provided creative communication services to clients including Admiral Group, Netflix, BBC, Aston Martin, Qatar Airlines for 14 years.
Cwmpas’ work includes the delivery of Welsh government-funded advice and support aimed at changing the way the economy and society works – including the devolved administration’s commitment to doubling the number of employee-owned businesses in Wales by the end of this Senedd term.
“Through the hard work of our small employee-ownership team, this target has been achieved two years ahead of schedule.,” said Cwmpas.
The agency’s business consultant Paul Cantrill worked closely with Orchard on the transition, delivering fully funded, specialist advice and support through the Employee Ownership Wales service, funded by the Welsh government.
“It has been a pleasure to advise and partner with Orchard Media during their transition to the employee ownership model and to work alongside specialist Tax Partners at Geldards to get the ownership transfer in place,” he said.
“Employee ownership can have a big impact on business sustainability, giving tangible benefits to hard-working employees, and keeping wealth within communities.”
On Employee Ownership Day in June this year, Jeremy Miles, then cabinet secretary for economy, energy and Welsh language, said: “Employee ownership delivers numerous benefits for employees and businesses alike, with evidence showing employee-owned businesses are more productive and more resilient. These are places rooted in their communities, providing quality, long-term jobs for the local area.
“Traditionally, only two to three employee buyout deals have taken place each year in Wales, but this model has grown substantially over the past few years. Achieving 74 such businesses in Wales is a fantastic achievement and I look forward to seeing more in the coming years.”
