UK musical instrument retailer guitarguitar has switched to an employee-owned model, moving 60 percent of all of its shares into an employee ownership trust.
The change means that all 160 of the business’ eteam share a majority stake in the business and its profits. The restructuring comes ahead of the departure of founders Kip McBay and Alexander Graham Bell. According to a press statement, they made the decision in order to plan for their exit “without threatening the legacy of the brand.”
Co-founder Graham Bell said: “Our team are over the moon to find out that they now own a share of this incredible business. guitarguitar’s success is a result of the commitment and hard work of our staff and we have now decided to take the next step and give them their own piece of the company.
“We’ve spent the last 20 years building a brand that we are wholeheartedly passionate about. We wanted to ensure the business means something to future owners when our time comes to take a step back.
“Not only did we want to reward staff for their efforts at the company but we also wanted to ensure our customers will always be front and centre. Every experience a customer has at guitarguitar will now be with someone who is invested in and committed to delivering outstanding service to musicians.”
guitarguitar’s operations manager, Bobby Simpson, stated: “This is a fantastic day for the team at guitarguitar. What a brilliant start to the year knowing that Kip and Graham have full confidence in every staff member to continue and develop the guitarguitar legacy.”
Find out more at guitarguitar.co.uk.