The aim of employee ownership day is to draw attention to and promote the values and benefits employee ownership into the wider business community. The scheme is a part of a co-operation between the Department for Business, Innovation and Skills (BIS) and the Employee Ownership Association (EOA).
TTP Group’s exceptional performance and unity of purpose have been ascribed in part to employee participation in the ownership of the Company, and with 88% of TTP Group’s current employees being shareholders they are a great example of employee ownership success. This is now being more widely accepted, as demonstrated by the conclusions of The Nuttall Review published last year, where employee ownership was identified as one of the centrepieces to creating long term sustainable economic growth.
Lord Younger said “As we focus on growth, there has never been a more important time to support alternative ways of running a business. There is clear evidence that businesses with employee ownership not only help support growth, but also boost the retention, innovation and motivation of their employees. My visit to TTP today has shown just how businesses with employee ownership are at the forefront of a vibrant, diverse and growing economy.”
Commenting on the celebrations and the visit, TTP’s CEO Peter Taylor said, “We are very pleased to be able to support the promotion of employee ownership. Right from the very beginning of TTP, 25 years ago, employee ownership was a key founding value. Today the company operates an internal share market, has a generous share purchase scheme, all part of a policy of facilitating the recycling of shares from leavers to the new generation of staff.”
About TTP Group plc
TTP Group plc is Europe’s leading independent technology and product development company. It combines the strengths of science, engineering and business enterprise to develop new technologies, new products, and new businesses. It is the holding company for The Technology Partnership plc, TTP Labtech Ltd, TTP Venture Managers Ltd, Melbourn Science Park Ltd, and Tonejet Ltd. The company, established in 1987, is headquartered on Melbourn Science Park (near Cambridge, UK) and currently employs over 300 people in its businesses, of whom the majority are scientists and engineers.
About EOA
The Employee Ownership Association is the voice of co-owned business in the UK – a network of over 150 companies with significant employee ownership and a UK sector worth over £30 billion annually www.employeeownership.co.uk. Members include co-owned Childbase Partnership, Clearcut Sound, John Lewis, Gripple Ltd, Swann Morton, Scott Bader, CH2MHill, Unipart, Arup, MJP Architects and many more plus a host of successful enterprises from many sectors of the economy (listed here http://bit.ly/W4H5Tj). For further information about employee ownership in the UK, please contact the Employee Ownership Association press office: 020 7922 7762 / 07944 381743 or sam.dowling@employeeownership.co.uk
Her Majesty’s Government
The government's economic policy objective is to achieve 'strong, sustainable and balanced growth that is more evenly shared across the country and between industries.' It set four ambitions in the ‘Plan for Growth’, published at Budget 2011:
· to create the most competitive tax system in the G20
· to make the UK the best place in Europe to start, finance and grow a business
· to encourage investment and exports as a route to a more balanced economy
· to create a more educated workforce that is the most flexible in Europe.
Work is underway across government to achieve these ambitions, including progress on more than 250 measures as part of the Growth Review. Developing an Industrial Strategy gives new impetus to this work by providing businesses, investors and the public with more clarity about the long-term direction in which the government wants the economy to travel.
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