Manchester based giftware importer and distributor Joe Davies became a 100% employee-owned business on the 31st of January 2024. The shareholding of the business will be held by the Joe Davies Employee Ownership Trust (EOT) for the benefit of all employees.

The existing management team remains in place, headed up by CEO Steve Davies – it was Steve’s great grandfather Joe who set up the business 105 years ago.

“I am very proud to be able to say that the transition of the company to a 100% employee-owned business will see Joe Davies being run, and owned, by the very people that make Joe Davies what it is,” states Steve.

“While I’m not retiring any time soon, and my dad Peter is still very much involved with Joe Davies, there is no fifth generation of family coming through. For Peter and I, an EOT is the perfect solution to secure our staff’s livelihoods and to look after my grandpa Joe’s legacy.  This allows Joe Davies to continue in its own special way and serve our lovely customers for many years to come. While employee ownership is not new, with perhaps the most famous example being John Lewis, it is one of the fastest growing ownership models in the UK.”

Adds managing director Paul Hooker:  “The whole team at Joe Davies are immensely proud and honoured to be with the company as we transition to being an employee-owned business.  Day to day this will ensure that there is no change in the way we operate or shift in our values.”

“Baxendale Employee Ownership provided invaluable guidance throughout our transition to becoming a 100% Employee Owned Business. As a 105-year old family-owned company with no fifth generation coming through, it was vital to get the right employee owned model, and we couldn’t have asked for better advisors. From initial discussions around potential structures to devising the best ways to reward our team, they were with us every step of the way, hitting all the timescales perfectly. Their expertise and support made the entire process seamless, and we truly couldn’t have done it without them. Baxendale exceeded our expectations and made a complex transition straightforward.”

The deal has been some time in its preparation, with the business guided and supported by Ewan Hall and Simon Everingham from Baxendale Employee Ownership.

Simon comments: “Joe Davies really are the perfect fit for the EOT model and have enthusiastically embraced the process.  It’s been a real pleasure helping them to take the next step on their journey, which protects the legacy of the family and all that makes the company so special.”

To find out more about employee ownership and employee ownership trusts and how they might work for your business, contact Simon Everingham simon.everingham@baxendale-eo.co.uk