Furrows Launches Employee Ownership Trust to Empower Team and Community

Modern car dealership with parked cars on a sunny day.

Furrows Embraces New Ownership Model with EOT Structure

In a significant shift for the automotive landscape in the UK, Furrows, a well-established group based in Shropshire, has announced its transition to an Employee Ownership Trust (EOT) model. As the automotive industry evolves, this move positions Furrows at the forefront of innovative business practices, tailored for sustainability and employee involvement.

Understanding the Employee Ownership Trust (EOT) Model

The decision to transition to an EOT comes after years of planning and deliberation, led by chairman Nic Coward and managing director Dave Farthing. Coward reflects on this transformative journey: “About two years ago, we began contemplating various options for succession and business continuity. The EOT was particularly appealing because it fosters a collaborative environment, ensuring that our staff feels a deep connection to the business’s future.”

Long-Term Benefits for Employees and the Community

This EOT model allows Furrows employees to own 75% of the business, ensuring they have a vested interest in its success. With 300 employees across key locations in Shrewsbury, Oswestry, and Telford, this model emphasizes community loyalty and shared purpose. It reaffirms Coward’s belief that the business should be viewed as an extended family, committed to both their customers and the wider community.

Future Insights and Growth Opportunities

The long-term vision behind this transition is clear. The Coward family will retain 25% ownership, allowing them to stay involved in leadership while simultaneously empowering the workforce. Farthing emphasized that while changes are happening, the stable environment that employees appreciate will remain intact. This structure optimizes employee engagement and motivation—creating a win-win for both staff and management.

As Furrows adapts to the demands of contemporary car retailing, their decision to embrace the EOT model may inspire other family-run businesses in the automotive industry to explore similar transitions. The case of Furrows serves as a valuable example of how innovative ownership structures can lay down the foundation for success that is both profitable and community-focused.

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