Jiffy Trucks Ltd has been owned for well over 40 years by Malcolm Grainge who started the business in 1974. Although he retired from the business 20 years ago, he has still retained 100% ownership and remained as our Managing Director. Malcolm is now in his late 70’s, and with no family succession in place, we have been searching for a solution to give the company a clear path moving forward.
Around a year ago, we heard of a scheme called Employee Ownership Trust. This is a scheme where the staff (Through a trust) can buy a controlling interest from the owner, payable from company funds and profits over a number of years. It’s taken some orchestrating, but we’ve done it, Jiffy Trucks are now (From Friday 30th Sept) an Employee Owned Company, each member of staff has a shareholding in the company through a trust, so are effectively owners.
So what will change for our customers?
Very little in truth, I’ve had a title change from Business Manager to MD, Vince Vollans has become a Director, and the employees are now all owners, and will I’m sure treat the business as such
The Employee Ownership Trust (Jiffy EOT) now has controlling interest, it can’t be sold from under us, and nobody can come in and change the way we do things. If you’ve been to our factory, you’ll know we have a great working environment. Jiffy is like one big family and I personally feel this is the perfect solution for the company moving forward.
You guys invest a lot of money into our Trucks, you need to know we’ll be about to offer the service and support you both need and deserve to move your business forward. This scheme is about Jiffy running on and on, giving everyone job security and enjoying the benefits of being a shareholder. So no real changes as far as day to day operations go, I hope you see this as a positive move, I think it’s perfect for both Jiffy, and our Customers.