It has thrown its weight behind the Philip Baxendale Awards which have added a new category this year, the Employee Owned Business of the Year Award, to celebrate “inspirational performance” in the sector.
Intended to recognise the best all-round performance of an employee owned company, based on financial performance, culture development and outstanding achievements over the last 12 months, it is open to both new and established employee-owned businesses.
The awards will be presented at a dinner at the National Motorcycle Museum in Solihull on 12 November.
The Awards, which are named after Philip Baxendale, a pioneer for the employee owned movement, were set up seven years ago to promote and celebrate excellence in employee ownership. They are co-hosted by the Employee Ownership Association and Baxendale, an employee owned partnership which provides advice and investment to support new and existing mutual businesses.
Employee ownership is one of BIS’s keystone policies. Following Graeme Nuttall’s report last year, the department has committed £50m in funding to persuade companies to adopt employee owned business models.
HMRC is also currently consulting on capital gains tax relief for company owners who sell a controlling stake to their employees. The relief will come into operation from April 2014.