Riverford veg box founder sells shares to employees' trust
Riverford- Guy Singh-Watson, 63, who founded the multi-million pound Riverford organic veg box firm, is selling his remaining shares to a trust for its 1,000 employees.
- He says he is "pretty confident" about the firm's future.
- He says he will be investing in organisations that share his view of the world.
Organic food box businessman Guy Singh-Watson is selling his remaining shares in the multi-million pound firm he founded.
Devon-based Riverford delivers about 80,000 boxes of vegetables a week.
Mr Singh-Watson, 63, said he would sell his 23% stake to an employees' trust for almost £10m this year after selling nearly three-quarters of the company in 2018.
Following the sale, 100% of the company's shares will be held by the trust.
Mr Singh-Watson, who started the firm near Totnes in 1987 delivering organic vegetables to friends, is handing over a company which is forecasting sales of about £98m this year.
A co-owner council of employees meets once a month to manage the business.
Mr Singh-Watson said he did not "plan to be a stranger" and would be a trustee and non-executive director of the firm.
"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," he told BBC News.
"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."
RiverfordHe said his first move after selling the shares would be to "pay my tax, all of it".
He also has a number of projects and charities that he wants to invest in.
"I plan to use most of that wealth to try and shape the world to be like the world that I want to live in," he said.
"I will spend a small proportion on indulging myself.
"But I'm not interested in cars, I drive a 20-year-old beaten-up pick up.
"I've got a very small boat which I really enjoy and I love surfing, so I might buy a new board."
Riverford tweeted: "Not being beholden to shareholders who want a quick return enables us to think long term.
"Employee ownership is the way to go with ethical business."
