Staff at Coastal Recycling, Devon’s largest recycling company, are celebrating as the business becomes employee-owned via the establishment of an Employee Ownership Trust (EOT).
This will allow Coastal Recycling to continue to prosper whilst maintaining its independent local ownership status enabling all staff to share in its success.
The transition to the Employee Ownership Trust was supported by a funding package from Lloyds Bank.
Employee Ownership Trusts are becoming increasingly common in the UK. The most well-known example is the John Lewis Partnership.
In Devon, Riverford, the organic food business, became employee-owned in 2018, both having seen great success with their staff fully invested in their own future.
Coastal Recycling, based in Exeter and with sites across Devon, is one of the largest independent providers of recycling, material processing and refuse collection services in Devon.
It supports local authorities, the NHS and over 2000 commercial customers with a range of recycling focussed services.
To navigate the exciting times ahead two of Coastal Recycling’s current board members, Managing Director Steve Hadley and Commercial Director Emily Delve, will remain in position and Beth Kelly, the company’s HR Manager will also join the board to run the new Employee Ownership Trust.
Managing Director Steve Hadley says: “The Coastal Recycling group of companies has grown year on year through our strategic focus and customer service, helping our customers to improve and increase their recycling. Early on, we recognised the importance of our staff as a key driver for our business and have invested heavily in them and the business in recent years.
He continues: “By becoming an Employee Ownership Trust we have protected the independence of the business and given our teams a vested interest in the Group they work for and the ability to share in its success.”
Emily Delve, commercial director, says, “This fantastic news means the business is now operated for the benefit of all the 140 people who work here. Our teams feel invested in the business and have a direct incentive to build a successful organisation that continues to deliver great service to customers. Staff will also share in the Group’s financial success through profit related bonuses.”
