Lucy & Yak transitions to employee ownership
Lucy & Yak, the socially and environmentally conscious lifestyle brand, has announced its transition to an employee ownership trust.
A trust is being created to hold a controlling stake in the business on behalf of all employees who will become indirect owners and key beneficiaries.
Lucy & Yak said the move marks a natural next step in its brand journey while allowing the company to remain true to its core values of championing an ethical, inclusive way of doing business.
In a statement, Lucy Greenwood and Chris Renwick, co-founders of Lucy & Yak, said: “We’re now celebrating eight years of Lucy & Yak and we can’t quite believe what we’ve built in that time. None of this would be possible without our incredible teams, working hard behind the scenes to bring our vision to life.
Subscribe to TRB“We have decided now is the time to hand things over to our employees, converting the company into an Employee Ownership Trust. This means Lucy & Yak will soon be owned by the employees. We’ll be working behind the scenes with our teams to ensure a smooth transition which we expect to take around six months.
“We’re so excited for this next chapter and want to thank you all for sticking by us over the years. Our community is what makes Lucy & Yak what it is – the joyful, colourful place where you can simply be you.”
Earlier this week, toy retailer The Entertainer announced that it was to become employee owned.
