A newly-formed business alliance has pledged to support the development of 10,000 employee-owners in Northern Ireland by 2029.
Employee Ownership Ireland is on a mission to increase the uptake of employee ownership in the region and make it the succession model of choice for local business owners.
Supported by charitable grant-making organisation the DLD fund, Employee Ownership Ireland’s board is comprised of business leaders who themselves have adopted the business model or supported other organisations through the process.
Karen Maguire, founder of Relinea, has been appointed as chair of the group while its other members include Joan McCoy, director at White Ink Architects; Ronan Heenan, director at People 1st, and Anthony McVeigh, chief executive at Newry-based S&W Wholesale.
Employee ownership specialists Glen Dott and Andrew Harrison, and Aidan O’Neill, head of the DLD Fund, will also be advising the board.
Speaking ahead of the launch in Belfast, Aidan O’Neill said: “Essentially, employee ownership refers to a business model where employees own a significant portion of a company either directly or through establishing trusts. All evidence shows that this approach can increase productivity and employee engagement which is obviously beneficial in terms of overall outputs and profitability.
“But what makes it so appealing from a DLD perspective is that employee ownership is a much more viable way to retain businesses within communities and secure their long-term sustainability.
“Many family businesses struggle when it comes to succession planning, so our goal is to present employee ownership as a feasible solution for business continuity.”
He added: “Our goal to reach a target of 10,000 employee owners by 2029 may seem to be an ambitious one but we believe that we can provide the right level of support through Employee Ownership Ireland to guide local business owners through this process.”
Newly appointed chair Karen Maguire, who founded Crumlin-based manufacturing business Relinea, which has been employee owned since 2022, said: “The journey to becoming employee owned has been a fantastic experience for everyone at Relinea, so much so that we are now proud ambassadors for EO and passionate about further growing its appeal.
“The transition has made a positive impact on all aspects of our day-to-day operations but is perhaps most evident in our culture and how we work together.
“Chairing Employee Ownership Ireland offers a great opportunity to showcase the many opportunities afforded to local companies across all sectors through EO, and I’m looking forward to working with my new colleagues to broaden the appeal and really highlight the many social and economic benefits businesses here can tap in to.”
Stormont economy minister Conor Murphy says: “The Department for the Economy is fully supportive of this business model, and I commend the work of Aidan and the DLD Fund for all their efforts to create this new body.
“All the department’s research to date points to solid evidence that employee ownership is an assured route to turn succession into success, so I wish this new task force well with their endeavours and assure them once again of our full support.”
Employee Ownership Ireland (www.employeeownershipireland.com) has planned a series of road shows across Northern Ireland in February.
