News / Bakeries
99-year-old bakery becomes employee-owned
A bakery in its 99th year of operation has become employee-owned.
Parsons Bakery have 14 locations across Bristol and more than 30 further afield from Abergavenny to Wotton-under-Edge, having been founded in Clevedon.
Its 400 employees will now indirectly own shares in the business, held on their behalf via the Employee Ownership Trust model.
Any non-allocated profits will be distributed back to staff members based on a sales-to-hours ratio, which allows for tax-free staff bonuses.
Staff members will also have a say in the future of the business, whose headquarters are on South Liberty Lane in Bedminster, with trustees appointed to represent their interests.
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Parsons Bakery managing director Nick Parsons said: “This isn’t just about ownership – it’s about securing the future of Parsons Bakery for the people who make it special.
“For generations, our family has been at the heart of this business, but we’ve always known that our employees are what truly make it thrive.
“Now, as we take a step back, we do so knowing Parsons is in the best possible hands – those of the people who bake, serve and keep it running every day.”
Elsewhere in Bristol, Aardman already follow a similar model of ownership, with a 75 per cent stake of the business sold to an Employee Ownership Trust in 2018.
Main photo: Kyra McClarnon
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