After many years of research on fairer alternatives to the family-owned model, Philip Baxendale – whose great grandfather had started the business – took the company into employee trust ownership in 1983 enabling employees to share in wealth creation, participation and fulfilment from working in the company of their fellow owners.
Philip believed that innovation and reinvestment, which would benefit subsequent generations of employee owners, was essential to ensure that the business was stronger than when he joined it. The principles of share ownership and capital growth underpinned his thinking about giving a financial return to the current generation of owners whilst building stronger foundations for future employees.
The Trust Deed which Philip put so much care into writing specifically made future employees beneficiaries of the trust so that it was always clear that the company should not be run solely for the benefit of the current generation.