Easter Tax Free Bonus From Force 8

One of the many benefits of a EOT (Employees Owned Trust) is that every employee can receive up to £3600 tax free within the tax year. And this was the case for everyone at Force 8 with a £500 tax free bonus for the Easter holidays, which followed a similar pay-out before Christmas. The workers are delighted that they can benefit from the success of the company and the time and effort that they have put in.

“The EOT has totally altered the company dynamics and created the perfect team spirit within the workforce; everyone has become a quality control expert making sure every product is perfect and delivered on time”, comments operations director Lisa Mottershead.

Lisa continues, “Force 8 has always been a family business and extremely successful under the guidance of Dennis Sumner the managing director. After receiving many attractive offers to buy the company Dennis decided that the EOT was the best way forward for the company. Some of the staff from the shopfloor to the office have been with the company for over 20 years, and Dennis wanted to make sure the company was secure, and most of all the staff felt secure. The EOT was the perfect solution”.

An Employee-Owned company is one where over 51% of the shares are held in a trust for the benefit of all employees, in the case of Force 8 its 100%. The trust which oversees the management of the company includes shop floor representatives and one non-working independent person. The trustee board must meet certain legal requirements and ensure that the company is always acting in the best interest of all the employees. Alongside this, a Forum is made up from staff and directors with the aim of improving the company and discussing new ideas. According to Force 8, companies with employee ownership often see greater productivity, reduced absenteeism, increased revenue, and higher profitability. And that these successes also tend to continue over time, as the motivation of employees continues to build.

In an industry where staff and skill shortages are starting to bite, Force 8 has found what it believes is a unique and long-lasting solution to the problem.

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