A pioneer in technology solutions within the industry, TVD Group facilitated the transfer of a 51% ownership stake to its employees, while the Brown family retained a 49% share. This arrangement led to the establishment of an Employee Benefit Trust (EBT) responsible for holding shares on behalf of employees, granting every staff member with 12 months of continuous service a stake in the business.
This move follows in the footsteps of other renowned brands in the electrical sector, such as Richer Sounds, which have flourished under employee ownership. After over a quarter of a century of growth as a family enterprise, TVD proprietors Mat & Dan Brown announced this restructuring as the cornerstone for the next phase of TVD’s journey.
Mat Brown, CEO, commented that, “Growing TVD into the business it is today has taken huge focus, dedication and hard work over the last 27 years. We can’t think of a better way to secure the future and independence of the business than to make the people that drive the business forward every day co-owners.
We still have the same hunger and ambition for the business, perhaps even more so now with this exciting structure! This opens up many opportunities for TVD and its fantastic co-owners, as well as enhancing the relationship for our loyal suppliers and customers”.
After 27 years in operation, and with an ongoing strategic focus on sustainable growth, TVD Group’s transition to an employee-owned business represents a steadfast commitment to both the future of the company and the team that has been instrumental in its enduring success. This new framework will foster increased collaboration and inclusivity among co-owners, fostering opportunities while safeguarding and enriching the culture and values that have underpinned the business’s prosperity.
The proven advantages of converting successful UK enterprises to EOB status include a more engaged workforce, characterised by a heightened sense of transparency and fairness in the workplace, heightened productivity, boosted revenue, and enhanced resilience for the business in the long term. Granting employees a direct stake in the company’s profitability also serves to drive efficiencies across the organisation, thereby reducing costs.
Lucia Maguire, Managing Director, commented, “This is a really exciting time for TVD. We have a superb team, who as co-owners, will be able to help drive the business forward for the next 25 years and beyond. We want to be able to provide organic, sustainable growth for the group and having a structure that gives the business longevity, as well as being proven to facilitate engaged and motivated employees, puts us in a great position.
We also have the added luxury that the day to day of what we do remains unchanged and with the continued support and drive of the Brown family, this collaboration of co-owners is set for success”.
TVD Group completed the transition to being employee-owned in March 2023 and while day-to-day business continues unchanged, the journey of employee-ownership has begun with a series of presentations and plans to set up a TVD Trust Committee to facilitate greater engagement and cooperation for the co-owners of the business. Employees working across TVD, TVC and Mitchell & Brown will also be rewarded with a share in the profits of the business through a new profitability partner bonus scheme.
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In June 2023, we celebrated the company shift to majority employee ownership with a company-wide celebration on Employee Ownership Day!
Our company-wide celebration entailed a preview of the newly constructed AV showroom along with games, quizzes and food and drinks! The event was supported by some of our key suppliers and partners, including Advantech, Midwich, Exertis, B-Tech and Philips, as well as Platinum Event Partner, Samsung.
Employee Ownership Day brought our employees together from every department of TVD Group to network, exchange ideas, and celebrate shared ownership! The ‘team’ feeling was enhanced by ‘Co-Owner’ T-shirts, games and presentations about different departments and processes to enable staff to understand every aspect of the business. TVD’s local heritage and family values of customer service which have underpinned three decades of growth were set out as key business drivers into the future!
