Founder of organic food business to sell stake in business to employees
The founder of organic food business Riverfood has announced he is selling his remaining stake in the business to an employee owned trust.
Guy Singh-Watson – the founder of the Devon business – has announced he is selling his 23 per cent stake for an estimated £10m.
He sold three quarters of the business in 2018 but is now planning to fully exit the business he launched more than 35 years ago.
The remaining shares in the business will be owned by a trust and the employers will get a say in the way it is run.
Mr Singh-Watson started the firm near Totnes in 1987 delivering organic vegetables to his friends and family.
Mr Singh-Watson said he did not “plan to be a stranger” and will be a trustee and non executive director of the business.
He said: “The business runs and is successful as a result of the work of its 1,000 owners and it just seems all wrong that I should be the sole beneficiary of that.
“I think we’re doing pretty well and I feel pretty confident about the future.
“But there is a lot of evidence that employee-owned businesses are more resilient to challenges than conventionally-owned businesses.
“And at the age of 63 I’m starting to find it a bit exhausting and it probably is time for me to stand aside.”