Employees take control of specialty wholesaler Pet Trade News & Events from Pet Business World UK
The Peregrine Livefoods team (pre-social distancing restrictions)
Peregrine Livefoods, Europe’s largest specialized wholesaler of reptile products, has officially made the final payment to become a fully independent trust owned by its employees.
The latest development comes as founders and co-owners Tim Green and David Perry conclude their four-year exit plan. The duo founded the Harlow-based company in 1987, employing more than 130 local people during their time running the business.
With the ambition to ensure job security for their staff, Tim and Dave devised a strategy to sell the business to existing employees. By appointing Kingsley Tedder as CFO, Kingsley helped hire a management team that would eventually eliminate the need for Tim and Dave’s day-to-day involvement.
Later, Tim and Dave sold their business to a new trust company, Peregrine Livefoods Trustee Ltd. The new trust is majority owned by all employees, much like the John Lewis model. This allowed the company to pay Tim and Dave for their multi-year profit assessment, while also allowing employees to participate in an annual tax-free bonus program.
In the four years since the transfer, Managing Director Chris Jones, along with a team of senior company executives, have driven significant growth, increasing the company from annual revenue of Â£ 14million to Â£ 22million today.
Chris Jones said: âI would like to take this opportunity to thank Tim, Dave and Kingsley for the opportunity they have given me and all the staff at Peregrine going through the EOT model. As we have now made the final payment, we have freed up capital, which will be reinvested in the company to improve our customer offering. Watch this place. “
The final payment to Tim and Dave was made today (June 21) 2021, marking the fourth anniversary of the conception of EOT with a change of statutory directors and a new era for Peregrine. Tim, Dave and Kingsley have all stepped down as statutory directors since then, but will continue to work for Peregrine as a consultant as required. Chris Jones continues as Managing Director.
Today, with over 170 employees and delivering more than 50,000 orders per month to customers across the UK, Peregrine looks to the future with ambitious plans and additional investments.
Peregrine Livefoods called on Birketts lawyers for the move. Lisa Hayward, Partner and Head of Employee Incentives at Birketts, said: âIt’s always a pleasure to help a client transition to employee ownership, but Birketts is especially excited to see Peregrine take this important step sooner. provided that.
âBeneficial for the local economy as well as for the employees, seeing the company prosper as a company owned by its employees before achieving the financial independence of the founders, perfectly demonstrates the attractiveness of an EOT. Shifting to an employee ownership model not only allows employees to reward hard work, but also to safeguard an organization’s legacy and we wish Peregrine every success as they enter this new chapter.