£100,000 funding announced to promote employee ownership in Northern Ireland

A celebration event to mark Employee Ownership Day was held at S&W Wholesale in Newry. Pictured are Anthony McVeigh, CEO S&W; Aidan O’Neill, Employee Ownership Ireland board representative; and Economy Minister Dr Caoimhe Archibald.

On Employee Ownership Day, Friday 20 June, Economy Minister Dr Caoimhe Archibald announced a funding package of almost £100,000 to support the growth of employee ownership in Northern Ireland.

The investment, directed to Employee Ownership Ireland (EOI), aims to raise awareness and increase uptake of the Employee Ownership Trust (EOT) model across the region.

The initiative supports the growing momentum behind employee ownership—a business model where employees hold a substantial financial and decision-making stake in their company.

Often adopted by business owners looking for a succession strategy, the EOT model ensures long-term sustainability, preserves company values, and keeps businesses anchored within their local communities.

Support for sustainable, locally rooted businesses

Minister Archibald made the announcement during a visit to S&W Wholesale, a Newry-based wholesaler which successfully transitioned to employee ownership in January 2023.

“The benefits of employee ownership are well documented and are strongly aligned with my economic plans,” said the Minister. “Employee-owned businesses pay, on average, a higher wage. They are more likely to remain in the same location and invest in their local economy and importantly, they are 8-12% more productive.

“Today’s funding announcement will help increase awareness of employee ownership and support businesses transitioning to employee ownership through funded feasibility studies.”

Encouraging business succession and growth

The funding will help businesses across Northern Ireland explore the employee ownership model by offering fully-funded feasibility studies. These studies are designed to guide firms through the early stages of becoming employee-owned.

Aidan O’Neill, Board Member at Employee Ownership Ireland, welcomed the announcement:

“We welcome the Minister’s announcement today and are encouraged that this funding will now be available for businesses across all sectors who are interested in becoming an EOT.

“Much of this funding will be directed towards providing feasibility studies for firms who are at the beginning of the EO journey and will enable the EOI board to continue offering mentorship, peer-to-peer support, and a bank of resources at crucial early stages.

“It is particularly welcome that this announcement was made on Employee Ownership Day when the EO community across NI is coming together and celebrating the momentum behind the movement.

“There are now around 1,000 employee-owners working in this region and as a board, we are working hard to increase this figure even further and to showcase the many benefits EO brings to both businesses and the local economy.”

A success story in Newry

S&W Wholesale has seen strong results since its transition to an EOT structure in 2023. CEO Anthony McVeigh said:

“It was wonderful to welcome Minister Archibald to S&W Wholesale today and speak to the many positives of being a business operating for the benefit of the employees. Since S&W made the transition back in 2023, we have experienced significant growth and are supported by a highly engaged and committed workforce.

“We have a very positive story to tell and are grateful to the Minister for taking the time to visit our offices and meet with many of our brilliant colleagues who are now playing an even greater role within the business.”

Exploring the EOT model

Employee ownership can take several forms, including:

• Employee Ownership Trusts (EOTs): A trust holds company shares on behalf of all employees, providing long-term stability and ensuring the collective benefit of the workforce.

• Direct Share Ownership: Employees own shares in the company directly, often as part of a reward or purchase scheme.

With growing evidence that employee-owned businesses are more resilient, productive, and community-focused, this funding marks a significant step in encouraging wider adoption in Northern Ireland.

Businesses interested in learning more or applying for a fully-funded feasibility study can visit www.employeeownershipireland.com.