Wales’ leading training provider of skills has transferred ownership to its employees.

ITEC Training Solutions Ltd was assisted in its transition to employee-ownership by Social Business Wales. Set up originally in 1982 to provide training and employability services for those most affected by the emerging skills gap, the company now employs 140 staff and has gone from strength to strength in recent years – aiming to build on this as an employee-owned business.

But it hasn’t all been plain sailing according to founder and co-owner Steve Doyle.

He said:

“Having built the business to where it was we did not want it to become part of just another large corporate or college. The real challenge was finding a suitable succession plan for the business. We had considered selling and received a number of offers over the last few years but that did not sit comfortably with us so we got in touch with Social Business Wales to discuss employee ownership options.”

Funded by the European Regional Development Fund and Welsh Government, the Social Business Wales project is delivered by the Wales Co-operative Centre and works with a broad range of established client businesses across Wales looking at employee, co-operative, mutual or community shares-type ownership – often for sustainability and continuation purposes. Wales Co-Operative Centre completed its first ownership transfer assignment in December 1994 with the £9M purchase of Tower Colliery by its employees. Since then the Centre has worked with over 50 companies in their transition to employee ownership, including The Urbanists, Tregroes Waffles, Cwmni Da, ETL Solutions, Aber Instruments and Gateway Dental Practice.

Paul Cantrill, Business Advisor at Social Business Wales; said:

“I am delighted to have been a part of helping Itec become an employee-owned business. Succession planning is a huge part of what we do at the Wales Co-operative Centre, and it’s great to see such a successful business be able to secure the future for the business and the employees.”

Itec can boast a very healthy turnover from varied clients, with their ongoing Welsh Government contract encompassing a raft of training; from apprenticeships and youth traineeships to adult employability programmes. Talking about prospects for the company, Mr Doyle said:

“Going employee-owned gave us the opportunity to maintain our independence whilst continuing to grow the brand. I expect it to improve efficiency and facilitate further growth by being able to attract high calibre staff and offering them what no other training company currently offers.”

There are also hopes to see considerable expansion in England for the group of companies, with commercial training being delivered from the London base of a subsidiary, in addition to apprenticeships already being delivered throughout England. This of course, with co-operative principals now embedded, will be nothing but good news for the employees who will reap the rewards of continued success.

“We have a very loyal and highly motivated team who we hope will see real benefit from employee ownership” said Mr Doyle. I would advise any companies considering employee ownership to give it serious consideration. It may not be the solution for every business but if you have a good team to take the business forward, it is a great vehicle.”