Raynor Foods becomes wholly employee-owned
"The words 'family firm' now extend their meaning to include every member of our workforce"
Raynor Foods, the Essex-based sandwich supplier, has transferred 100% ownership of their firm to an Employee-Owned Trust (EOT).
Raynors joins the ranks of other “energetic and successful companies” such as John Lewis & Partnership, Mott MacDonald, and fellow bakery firm Chandley Oven which operate under an employee-owned structure.
All 300 Raynor employees will have a financial stake and a say in the company's running. Meanwhile, founders and owners Heather and Matthew Raynor will remain with the company in non-executive roles.
In a statement, Raynors commented:
"We are delighted to announce that Raynors have joined the growing group of energetic and successful companies who have decided that an employee-owned structure provides the best basis for future growth and continuous improvement of employee welfare and motivation.
There was none of the upheaval associated with a change in ownership — the company is run in the same way, by the same people. The difference is that the words 'family firm' now extend their meaning to include every member of our workforce.
The management and financial basis of the company remained unchanged and our products, service and ambitions for Raynors have not been affected in any way."
Raynors has had a successful year in its latest results for the year ending 31 March 2023 — with a more than double increase in gross profit compared to last year, to £6.3m, and an over 40% increase in turnover in the same period, to £24.3m. The company has grown remarkably since its days as a local sandwich shop, with its current 40-van fleet delivering goods across the UK and its 300 staff producing 19 million sandwich and other food-to-go products per year.
"As we enter this exciting new era for Raynors, we look forward to continuing our partnerships with customers and suppliers and maintaining our focus on being a progressive and constantly improving food manufacturing business."
The decision marks another step in Raynors’ innovation-focused journey: the Chelmsford firm pioneered environmentally-friendly processes in the bakery industry, including its sandwich carbon footprint scheme in 2009 and its on-site vertical salad farm introduced in 2018.