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The Directors of B-Loony Ltd, a leading Chesham-based manufacturer of printed balloons, flags, bunting and promotional products manufacturer, have announced plans which saw the company’s employees taking ownership of the business through an Employee Ownership Trust (EOT) from 10th February.
As an EOT, B-Loony’s employees will have a stake in the success of the business, with a say in its direction and an opportunity to share in its profits. Key to their decision was safeguarding the culture and values of the business for the benefit of their loyal and long serving employees.
This historic transition marks a new chapter in the company’s 45-year history and it is hoped will bring significant benefits for customers, employees, and the local community in Chesham providing jobs and contributing to the local economy.
In a statement on behalf of Directors Andy MacInnes, Mike Cussell and James Clephan, Managing Director MacInnes said:
“Becoming an Employee Ownership Trust is a natural next step for B-Loony. Our employees have been the backbone of the company for 45 years, many of them long serving, and we believe that giving them a stake in the business will only strengthen our commitment to excellence. B-Loony has been creating lots of fun experiences for customers’ events, supplying printed balloons, flags, bunting and top-quality promotional products for over four decades. By setting up an Employee Ownership Trust we maintain our unique B-Loony brand identity, protect the jobs of our employees and give them an incentive in the future growth of the business. We’re really excited about this new opportunity for B-Loony and the benefits it will bring for our employees, customers, and the local community.”
EOT’s were introduced in 2014 to encourage employee ownership in the belief that individuals and organisations alike thrive more when employees have a stake in what they are working for. More than 1000 businesses have gone down this route with research showing that EOT’s improve performance and help with employee retention.
Structurally, little will change in the day-to-day running of the business with the Directors and the existing senior management team continuing to run the business while maintaining the same close relationships with customers and suppliers.