EMPLOYEE OWNERSHIP IS PERFECT SUCCESSION SOLUTION WHEN COMPANY VALUES ARE PARAMOUNT

Fife-based care provider Paramount Care has joined the growing number of employee owned businesses in Scotland with all 26 staff members becoming shareholders.

Set up in 2000 by nurse Ruth Smyth who had a vision of a personalised care service that placed people at its heart, Paramount Care operates throughout Fife, Tayside, Perthshire and Clackmannanshire. Working across the public and private sectors, its team of fully trained carers deliver a range of care services both within people’s homes and within residential care homes.

When it came to exploring succession options for the business, the obvious route was to sell Paramount to another care firm, however, Ruth feared that the ethos her company was built upon would be lost.   We spoke to Ruth to find out more…

Ruth - colour

“I founded Paramount with the aim of providing a personal and approachable care service, where clients or employees wouldn’t have to call bases in locations like London or Birmingham whenever they had a query.

“It was never about dropping into people’s homes and doing the minimum in order to fit in as many clients as possible, but about providing a high quality of care with close and trusting relationships between carers and clients. I felt that these qualities, which set Paramount apart from larger care firms, could be compromised if it was bought over by one of them.

“Furthermore, the Paramount team have been very loyal to me and I wanted to repay that loyalty. By selling it to an Employee Ownership Trust, Paramount Care can continue operating as an independent company rooted in the local area, run by people who care about it as much as I do.

“An Employee Ownership Trust will buy shares from our shareholders and hold these on behalf of the employees, and tax incentives will be available to allow employees to invest in the company.

“Paramount’s future is now in the hands of people who understand the importance of great care and will ensure the company continues to go from strength to strength whilst delivering the high standards of care that we’re renowned for.”

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