Family firm hands business to workers

Nov 26 2008 by Barry Turnbull, Liverpool Daily Post

ABOUT 150 Merseyside workers at cash and carry firm Parfett’s have been given a stake in the business.

The family firm is handing over ownership to employees in two phases, spread over the next eight years.

A model has been devised similar to that of the John Lewis Partnership, with workers given a share of the business without having to provide the funds.

The Stockport firm, which supplies food and drinks to corner shops, has depots in Aintree and Anfield, as well as three others in the North and Midlands.

Managing director Steve Parfett declined to disclose details of the deal, but it is a substantial business with a turnover of more than £250m.

He said: “As a family, we have been thinking about succession planning for some time, and have explored various options. We wanted to realise value for the family of course but the amount of money was never the biggest concern.

“I wanted to ensure the business was in safe hands and not just thrown onto the market.”

He added: “ In coming up with an employee ownership scheme, we have found the best way forward.”

In the first phase earlier this year, a stake of 55% was transferred to a trust fund on behalf of employees. The next phase will take place in the next four to eight years, with funding provided by the business itself.

AG Parfett was founded by Mr Parfett’s father in 1980 with Steve taking over as managing director 18 years ago. The Aintree site is 100,000 sq ft and Anfield is 40,000 sq ft.

Mr Parfett added: “I think everyone is pleased with how things have turned out, and I will be looking forward to retirement in due course.”

barryturnbull