Parsons Bakery transitions to employee ownership

Parsons Bakery, a regional chain based in Bristol, has transitioned to an Employee Ownership Trust (EOT), enabling its over 400 employees to own 100% of the company's shares. This significant shift coincides with the bakery's 99th anniversary, having started in Clevedon in 1926 and now operating 48 shops across Bristol, Somerset, and south Wales.

Nick and Nicola Parsons stepped back from daily operations a few years ago, continuing to support the team and new management with a carefully phased transition.

The EOT will manage the business on behalf of the employees, distributing profits based on contributions and allowing for tax-free bonuses. Despite recent challenges, the directors are optimistic about the future, joining other bakeries in adopting this employee-ownership model.

Employee ownership experts Postlethwaite Solicitors advised on the transition.

For more details, you can read the original article here.