Roscoes given to workers
Roscoes has restructured to dilute shares and give shares to the Roscoes Welfare Association which will be renamed the Union for Roscoes Workers. The restructuring will see the business move to the following ownership:
Ownership | Ownership | Voting Shares | Voting Share % | Non Voting Shares | % Non-voting | Total Shares | % Total | Board members |
---|---|---|---|---|---|---|---|---|
Roscoes Family Trust | 59.72% | 7,465 | 29.86% | 75,000 | 3.80% | 82,465 | 4.12% | 6 |
Union for Roscoes Workers: | 0.00% | 12,500 | 50.00% | 1,000,000 | 50.63% | 1,012,500 | 50.63% | 10 |
Roscoes Foundation | 0.00% | - | 0.00% | 199,856 | 10.12% | 199,856 | 9.99% | - |
Kligenberg Industries | 21.92% | 2,740 | 10.96% | 345,616 | 17.50% | 348,356 | 17.42% | 2 |
Cadbury Trust | 2.70% | 338 | 1.35% | 44,460 | 2.25% | 44,798 | 2.24% | 0 |
National Duchies Fund | 15.66% | 1,958 | 7.83% | 310,068 | 15.70% | 312,026 | 15.60% | 2 |
Total: | 100.00% | 25,000 | 100.00% | 1,975,000 | 100.00% | 2,000,000 | 100.00% | 20 |
Workers will own 50.63% of the business having 10 of the 20 members on the board to become semi-worker owned and controlled. The Roscoes will take the greatest hit in value with their shares being worth 102 billion Euros down from 1.478 Trillion Euros. Rachel Reubenstein-Roscoe Co-Ceo along with Co-Ceo Ruth Cadbury said in a joint statement "We believe it is time to give our business to the workers as a legacy of our families values. We have run the business in accordance with putting the worker first and benefiting future generations. The shares have been gifted under deed restriction that they cannot be sold by either the Union for Roscoes Workers or the Roscoes Foundation or any of their sucessors. We hope this will keep the businesses values and ethics safe in the long term . No more voting shares may be issued on the stock market by covenant in order to protect the business from outsider infiltration." It is rumoured businesses like TUI have been considering also moving to semi-worker owned model.