On Employee Ownership Day, Economy Minister Dr Caoimhe Archibald today announced that her Department is providing almost £100,000 in funding to Employee Ownership Ireland (EOI).

The investment aims to significantly increase awareness and adoption of the employee ownership trust (EOT) model throughout Northern Ireland.

Employee ownership represents a transformative business approach where employees hold a substantial financial and decision-making stake in their organisation. This model often emerges as a succession solution for business owners, allowing them to transfer ownership to their employees rather than external buyers, thereby preserving the company's legacy and keeping its roots firmly within the local community.

The announcement was made during Minister Archibald's visit to S&W Wholesale, a Newry-based company that successfully transitioned to an EOT in January 2023.

Minister Archibald highlighted the compelling advantages of employee ownership. "The benefits of employee ownership are well documented and are strongly aligned with my economic plans," she stated. "Employee-owned businesses pay, on average, a higher wage. They are more likely to remain in the same location and invest in their local economy and importantly, they are 8-12% more productive."

She added that today's funding "will help increase awareness of employee ownership and support businesses transitioning to employee ownership through funded feasibility studies." Aidan O'Neill, Board Member of Employee Ownership Ireland, welcomed the Minister's announcement. "We are encouraged that this funding will now be available for businesses across all sectors who are interested in becoming an EOT," he said. Mr O'Neill confirmed that much of this funding would be directed towards providing crucial feasibility studies for firms at the outset of their employee ownership journey. He added that it would also enable the EOI board to continue offering mentorship, peer-to-peer support, and a comprehensive bank of resources at these crucial early stages.

"It is particularly welcome that this announcement was made on Employee Ownership Day when the EO community across NI is coming together and celebrating the momentum behind the movement," Mr O'Neill noted. "There are now around 1,000 employee-owners working in this region and as a board, we are working hard to increase this figure even further and to showcase the many benefits EO brings to both businesses and the local economy."

Anthony McVeigh, CEO of S&W Wholesale, expressed his pleasure at hosting the Minister. "It was wonderful to welcome Minister Archibald to S&W Wholesale today and speak to the many positives of being a business operating for the benefit of the employees," he said. "Since S&W made the transition back in 2023, we have experienced significant growth and are supported by a highly engaged and committed workforce. We have a very positive story to tell and are grateful to the Minister for taking the time to visit our offices and meet with many of our brilliant colleagues who are now playing an even greater role within the business."

Businesses interested in learning more about Employee Ownership Ireland and the support available, including how to apply for a fully-funded feasibility study, can find more information on the Employee Ownership Ireland website.