Union Industries, celebrated for its high-speed industrial roller doors, has reached a milestone. This Leeds-based company is commemorating a decade as an Employee-Owned Trust. In this period, they have achieved remarkable financial success and fostered a dedicated workforce.
Their profits have seen a substantial rise, and employee bonuses have increased consistently. Union Industries’ journey under this unique ownership model showcases the potential of employee empowerment and shared success.
Record Financial Success
Union Industries has celebrated a decade of triumph as an Employee-Owned Trust, marking record financial success. Their revenue and profit have seen an impressive surge. In the fiscal year 2023/2024, their profit climbed to £2.4 million from a modest £130,000 in 2013/2014.
The company has also distributed over £3 million in tax-free bonuses within the last ten years. In recent years, each employee received a £3,600 annual bonus, and this amount increased to £6,500 in 2024. These financial achievements underscore the company’s strong performance and commitment to its workforce.
Employee Empowerment
Union Industries has focused on empowering its employees. The establishment of an Employee Council has been a cornerstone of this effort. Employees now enjoy full voting rights and representation on the board of Trustees, fostering a sense of ownership and participation.
The company has also initiated an annual dealing day, allowing every employee to buy shares in the business. New employees are given shares after one year of employment. Such measures ensure that all employees have a vested interest in the company’s success, creating a motivated and dedicated workforce.
Leadership and Vision
Managing Director Andrew Lane praised the company’s journey and its employee ownership model. He remarked, “10 years of success for any business is a major milestone. To be employee-owned for the most profitable decade is remarkable.”
Lane highlighted that the employee-owned model has further empowered the team, adding a significant financial incentive through annual tax-free bonuses. This model has ensured that everyone feels involved and invested in the company’s future.
The leadership’s vision has been crucial in steering Union Industries towards these achievements. The founders, Isobel and Paul Schofield, initially sold their majority share to safeguard the company’s future, a decision that has paid off immensely.
Historical Background
Union Industries was incorporated in 1972, starting as a manufacturer of high-speed industrial roller doors. Over the decades, the company has solidified its market position, becoming a leading name in the industry.
The transition to an Employee-Owned Trust occurred when Isobel and Paul Schofield decided to sell their majority share. This move was designed to secure the company’s future and keep it thriving. It also ensured that the employees, who are integral to the company’s success, had a direct stake in its prosperity.
Tax-Free Bonuses
A key aspect of Union Industries’ success has been its tax-free bonus scheme. Employees have benefited significantly from this initiative. The bonuses have increased notably over the years, reflecting the company’s growing profitability.
In the past five years, employees received annual bonuses of £3,600 each. This figure rose to an impressive £6,500 per employee in 2024. Such substantial bonuses not only improve employee morale but also reinforce their commitment to the company’s success.
Employee Ownership
The ethos of employee ownership is deeply ingrained in Union Industries’ culture. Every employee has the opportunity to buy into the company during an annual dealing day. This practice ensures that employees feel a part of the company’s journey and success.
New staff members are also integrated into this model, receiving shares after completing one year of employment. This inclusive approach fosters a sense of unity and shared purpose among the workforce, which is crucial for the company’s sustained growth and success.
The representation on the board of Trustees through the Employee Council ensures that employees’ voices are heard at the highest level of decision-making. This inclusive governance model is a testament to the company’s commitment to its workforce.
Future Outlook
Looking ahead, Union Industries aims to continue its trajectory of growth and employee empowerment. The company’s leadership is committed to maintaining the Employee-Owned Trust model, recognising its role in their success.
Andrew Lane and the board are focused on further enhancing employee engagement and financial participation. The company’s future plans include exploring new markets and expanding its product offerings, solidifying its position as a leader in the industry.
Community Impact
Union Industries’ success has also had a positive impact on the local community. The company’s growth has created job opportunities and contributed to the local economy, reflecting its role as a significant regional player.
The Employee-Owned Trust model has set an example for other businesses in the region. It demonstrates how prioritising employee welfare and empowerment can lead to outstanding financial performance and sustainable growth.
Celebratory Event
The company celebrated its 10th anniversary as an Employee-Owned Trust with a special event at The Faversham in Leeds. This milestone event highlighted the company’s achievements and the collective efforts of its workforce.
Employees, stakeholders, and community members came together to commemorate this significant occasion. The event underscored the importance of employee ownership in driving the company’s success and fostering a strong, united workforce.
Union Industries exemplifies the transformative power of employee ownership. Over a decade, their financial performance and employee engagement have flourished. This model not only fosters loyalty but also drives remarkable business success.
Their journey under an Employee-Owned Trust underscores the potential for shared prosperity and collective achievement. As they look ahead, Union Industries’ commitment to innovation and growth will undoubtedly continue to set them apart.