Field Fisher Waterhouse advises first pharmacy to adopt employee ownership as succession solution
08 January 2013
Field Fisher Waterhouse LLP has advised
Associated Chemists (Wicker) Limited on becoming the first pharmacy
to adopt employee ownership as a succession solution.
Wicker Pharmacy provides pharmaceutical
services to the Sheffield community. The pharmacy opened in
January 1952 when 45 independent pharmacists in Sheffield joined to
provide a late night and out of hours service. It has been
open every day since.
ownership and mutuals specialist Graeme Nuttall led on the
project and was assisted by Simon Haynes
and Guy Swillingham.
The team advised on the creation of Wicker Employee Trust and
its acquisition of a 10% shareholding, to be held on behalf of all
employees, including those in Wicker Pharmacy and H+H System.
Almost 70% of the shares are now owned by or on behalf of
employees or ex-employees. Over the coming years the Wicker
Employee Trust will buy in shares from the original shareholders
and all employees will benefit from involvement in decision making
along with receiving a dividend in the form of a profit share,
similar to the John Lewis Partnership.
Martin Bennett, Managing Director of
Associated Chemists (Wicker) Limited, who was awarded an MBE in
2010 for services to pharmacy in Sheffield, said:
“This is an exciting time. Amongst all
the gloom and doom here we have a model that potentially will allow
pharmacies to develop in a more clinical manner with much more
local autonomy. I have great faith in our staff making a
success of this venture”.
Partner Graeme Nuttall said:
"Wicker Pharmacy's adoption of employee
ownership demonstrates how well it works as a succession solution,
and its versatility. Employee ownership succeeds in
businesses of all sizes and sectors, not just the life sciences and
healthcare sector, delivering improved business performance
alongside employee well-being. In particular, employee
ownership provides a flexible and attractive solution for
shareholders wishing to sell their company."
"This business model received huge support
from the Government in 2012, which will continue throughout
2013. I expect to see an increase in the number of companies
implementing employee ownership, at whatever stage of the business
lifecycle, whether starting up, aiming for growth or as a
Field Fisher Waterhouse is a
leader in the field of employee ownership with a long history of
helping to develop the employee ownership business model.
Graeme Nuttall was appointed in 2012 as the Government's
independent adviser on employee ownership to examine how to promote
employee ownership in the private sector and spread the benefits
into the wider economy. His recommendations were presented to
the Government in his report, "Sharing Success - The Nuttall Review
of Employee Ownership". These recommendations were endorsed
by the Government and an action plan to implement them is
underway. This support for employee ownership by the
Government is confirmed in "The Coalition: together in the national
interest", the Government's Mid-Term Review published
For further information, please contact:
Nugent, PR Executive, Field Fisher
Waterhouse LLP on 020 7861 4526
Partner, Field Fisher Waterhouse LLP on 020 7861 4652
Martin Bennett, Managing
Director of Associated Chemists (Wicker) Limited, on mobile 07703
134002 or via email@example.com