In a bold move for the British casting specialist and fine jewellery manufacturer, Hockley Mint is implementing an Employee Ownership Trust (EOT) to protect and preserve its team culture.
The Birmingham-based manufacturer announced to its employees on Monday that it intends to move forward as an EOT, offering all staff greater benefits and more say in the company’s future.
Hockley Mint is currently owned by Ian Merrell but, moving forward under the terms of the EOT, controlling interest in Hockley Mint will be transferred to an all-employee trust which is held for the benefit of staff.
The personal finances of each employee will be completely unaffected and they will have no direct financial liability to the company, as EOTs do not involve share ownership.
The EOT will instead pay annual bonuses of up to £3,600 to employees free of income tax.
In addition to this fiscal benefit, employees will have a greater say in business operations, leading to improved employee retention, elevated staff morale, and reinforced engagement in the company and its culture.
The company feels that the transfer will ensure the long-term future of Hockley Mint, protecting the business from third-party takeovers.
Talking about the transfer, Hockley Mint managing director, Gary Wroe said: “It’s always been the people and the team at Hockley Mint that have made the business great.
“Choosing an Employee Ownership Trust is a natural next step that allows us to maintain what’s great about our current culture, protect the future of the business and give back to our employees with tangible benefits.
“There are people on our team who have been with us for more than 20 years.
“Our staff retention rate is something we are incredibly proud of and it’s a testament to the culture we have built over nearly 70 years.
“The EOT allows us to give back, reward loyalty and reinforce our team spirit, while protecting the business from any substantial change that could come from a third-party takeover.”
The future plans for the business were formally announced to employees during a staff meeting on the morning of 14 November 2022.
Further details regarding the EOT will be communicated to employees over the coming weeks, allowing those involved an opportunity to ask questions.
The implementation of the EOT will have little to no influence on the day-to-day running of the company and will require no change in structure or management, according to Hockley Mint.
Through councils and consultation group initiatives, employees will have the option to become more involved in Hockley Mint’s operations.
