S&W Wholesale is one of the largest independent wholesalers on the island of Ireland. Originally a small family-run business, it has grown into a well-established supplier of FMCG (fast-moving consumer goods) to independent retailers.
As the business continued to expand, it invested in new facilities, strengthened governance, and explored options to secure long-term sustainability. This included transitioning to employee ownership through an Employee Ownership Trust (EOT).
Laura Cassells, Head of People & Culture, explains the process of becoming an employee-owned company and the benefits the business has seen.
Protecting our legacy and values
“Prior to becoming employee-owned, S&W Wholesale operated under a traditional private ownership structure. The business had a strong culture, a loyal workforce, and strong performance. However, like many established companies, it faced important succession planning and long-term sustainability decisions.
“Although employees were highly committed to the business, ownership and decision-making rested with a small number of shareholders. There was an opportunity to better align the success of the business with the people who contribute to it every day.
“The move towards employee ownership was driven primarily by a desire to protect the legacy and values of the business, while ensuring continuity, stability, and independence. Rather than pursuing a trade sale or external buyer, the owners saw employee ownership as a way to reward loyalty, strengthen engagement, and future-proof the business, keeping it rooted in the area and true to its values.”
Employee Ownership Trust
“We chose the Employee Ownership Trust (EOT) model because it offered a collective and inclusive approach to ownership. Unlike direct share ownership, which can be more complex to manage and harder for employees to engage with equally, the EOT structure ensures all employees benefit from ownership on the same basis.
“The EOT also provides long-term stability, protects the business from short-term decision-making, and allows profits to be reinvested or shared fairly through employee benefits and bonuses. From a governance and sustainability perspective, it was the best fit for our business.”
Steps to achieve employee ownership
“The transition was carried out through a carefully phased plan. We worked closely with specialist legal and financial advisers experienced in employee ownership. We also sought insight directly from established EOTs in Great Britain, who were incredibly supportive in sharing their experiences. This combination of expert advice and peer learning helped us navigate the process with confidence. Alongside this, we developed a five-year plan to support the business structure and valuation.
“We then agreed on the financial structure of the deal, including securing bank funding. We also set out what the leadership structure needed to look like from ‘day one’ after the transition, putting in place a clear succession plan to support long-term stability.
“From a People & Culture perspective, we focused on organisational readiness and supporting employees to understand what ownership means in practice. A structured engagement and communications plan ensured transparency and brought people with us throughout the transition.
“Employee involvement was a key priority. We took a transparent and open approach to communication, explaining the rationale for employee ownership, what it would mean for individuals, and how it would shape the future of the business.
“This included briefings, Q&A sessions, and ongoing communication before and after the transition. We were clear that employee ownership was not just a change in structure, but a change in mindset, encouraging greater engagement, accountability, and shared responsibility.
“From initial discussions to completion, the transition took around six months.”
Challenges faced
“We found that securing and managing the bank-funded element of the deal was challenging. This added extra complexity to the transaction and required careful planning and specialist advice to ensure it was structured in the right way.
“We also focused on helping employees understand and adjust to a new mindset. Employee ownership can feel unfamiliar, so we explained the key concepts clearly and supported people as they adapted to a business model design to benefit everyone.”
Measuring success
“Since becoming an EOT, we’ve seen increased engagement, pride, and interest in how the business performs. Employees feel a stronger connection to the organisation and its future, and there is a growing sense of shared purpose.
“One of the outcomes I’m most proud of is the strengthened sense of belonging across the organisation. Employee ownership has reinforced that everyone has a stake in the business and a voice in its future.
“We’ve also been able to introduce meaningful initiatives, such as enhanced recognition and benefits, that directly reflect our EOT status and values.”
Lessons learned
“If we were starting again, we would invest even earlier in education and storytelling around what employee ownership means day-to-day. Building understanding and confidence from the outset helps accelerate the cultural benefits.”
Planning for the future
“Planning for the future means recognising that employee ownership is not an event; it’s a long-term commitment.
“The legal transaction is only the starting point – the real value comes from how ownership is embedded and strengthened through daily culture, leadership, and people practices.”
