A printing company which employs staff in Bury St Edmunds and Attleborough has taken the bold move to become owned by its employees.
Colchester Print Group, which includes Breckland Print and the Moreton Hall Press, employs 40 staff over its two sites.
After three years of research, the firm has decided to adopt a business model similar to that of John Lewis, the UK’s largest employee-owned business.
Founder and chief executive Philip Colchester said it was an exciting time for the firm.
He said: : “Over the years we have proved our pedigree in printing and have a great bunch of people working for us.
“We just felt they deserved something better.
“When we looked at all the options and looked at the business model the John Lewis Partnership has - they have got it right.
“It means our employees have a real stake in their future. As far as I am concerned I feel we are on the crest of a wave and are setting an example for the rest of East Anglia.”
Colchester Print Group’s employee ownership structure utilises an Employee Ownership Trust with additional options that allow employees to invest directly in their own name.
The trust owns 56 per cent of the firm and is represented by five trustees.
Philip said: “It has reinvigorated the business and the folk here are really up for it.
“We are going to work very hard to make it work.”
Deb Oxley, director of membership at the Employee Ownership Association said; “Employee-owned businesses achieve higher productivity and greater levels of innovation and are more resilient to economic turbulence.
“They also have more engaged, more fulfilled and less stressed work forces.”