Patron in shift to employee-owned model

Alternative supply chain planning – Invest Northern Ireland

There are many lessons to be taken from the last 12 months. For manufacturing and tradeable services, one of these is the importance of a robust and resilient supply chain.

When Covid-19 hit, ports and airports around the world ground to a halt and businesses found themselves facing challenges of how to get the parts they needed to manufacture their goods.

Additionally, since the end of the EU transition period in January, businesses have also had to adjust to the new requirements on the movements of goods.

It is vital now, more than ever, that businesses plan, understand and effectively manage their supply chains.

Many supplier relationships will have been built over many years, building trust, pricing, favourable credit terms and certainty of supply. Even with delays, this is probably the best short term solution for your business.

Changing suppliers can be a difficult task but starting that journey may be the wisest strategy for your business.

Following the UK’s exit from the European Union, Northern Ireland continues to have unique access to the Great Britain (GB) and the EU markets for goods.

This dual market access position means that Northern Ireland can become a gateway for the sale of goods to two of the world’s largest markets and the only place where businesses can operate free from customs declarations, rules of origin certificates and non-tariff barriers on the sale of goods to both GB and the EU.

To discuss how we can help you with your supply chain, contact: Charles Goodier, head of trade for Manufacturing & Supply Chain E: charles.goodier@investni.com T: 07583 101130 W: www.investni.com

Culture first (from left): Adam Farrow, Andy Dawson and James Farrow

Chamber patron in shift to employee-owned model

By Dan Harrison

Change consultancy Curium Solutions has become a majority employee-owned company.

Curium – formed in 2008 by cofounders Adam Farrow, James Farrow and Andy Dawson – has set up an Employee-Owned Trust (EOT), which will have a majority stake in the business.

The firm, a patron of Greater Birmingham Chambers of Commerce (GBCC), is keeping its remaining board and team in place.

Adam Farrow said: “After such a successful year against such a challenging market backdrop, we decided that now was the right time to move to this new model, recognising the immense contribution that every employee makes to our success.

“Apart from setting up the trust, nothing else will change. The team and board remain the same, backed by our ambition to grow, develop new services and support many more customers for years to come.”

‘My first impression of Curium was that its culture is a superpower’

James Farrow added: “Culture is everything and this new structure gives us a very firm and secure platform for growing Curium in the future.

“The interests of the team, ourselves and our customers remain perfectly aligned. We’ve always believed that looking after your team is the best way of ensuring that you will deliver the best outcomes for your customers.”

Having formed during the recession in 2008 and successfully navigated lockdown over the past 12 months, the company is remaining positive about the future, according to Andy Dawson.

He said: “Everyone is excited by the opportunity to grow the business and take advantage of the many opportunities that are unfolding as the world unpauses.”

Curium has enjoyed remarkable growth over the past decade, opening its first US office in Florida in 2017, as well as expanding into Canada.

In 2018, the firm was crowned Greater Birmingham Business of the Year at the GBCC’s annual dinner and awards.

Curium has been actively involved in the annual Growth Through People productivity campaign for the past five years.

Tracy Westall, chair of the board at Curium, said: “My first impression of Curium was that its culture is a superpower with a just cause of empowering potential for customers, so the decision to become an EOT is an obvious evolution to the story.

“What better way to encourage the potential of the team to drive growth and success whilst maintaining the valuable and irreplaceable culture, values and spirit of the business.”

What is an Employee-Owned Trust?

The Employee-Owned Trust (EOT) ownership model was created by the Finance Act 2014 to encourage more companies to become employee-owned.

While day-to-day management remains in the hands of a board or management team, an EOT is run by its trustees to ensure the company is led in a way that maximises employee engagement and commitment.

Perhaps the most high-profile example of an EOT is the John Lewis Partnership which at one stage had 80,000 employees across its department stores and Waitrose shops.

In the West Midlands, award-winning engineering and process automation company, 3P innovation Ltd also moved to an EOT model this year – with the trust now owning 100 per cent of the firm’s shares.

Throughout the process of becoming an EOT company, Curium Solutions used fellow Chamber patron RSM as advisers.

RSM’s regional managing partner Mark Taylor says the EOT model of ownership is becoming more attractive to businesses.

He said: “Our specialist team are seeing an increased amount of work on EOT projects as more and more businesses are attracted to this model of ownership.

“It was great to put in place a structure that supports the growth plan of such an exciting local business and fellow patron of Greater Birmingham Chambers of Commerce.”