‘Welcome to your new company!’ – Pym & Wildsmith celebrates becoming EO
‘Welcome to your new company’: that was MD Craig Taylor’s message to his fellow employee owners as Pym & Wildsmith – one of the Midlands’ leading metal finishing companies – officially celebrated its transition to employee ownership last week.
JGA Associate and Operations Manager Lisa Fryer was delighted to join the team for the party at their Staffordshire factory, arriving with her steel-capped boots following a very different morning commute. She has been providing transition support, including communication and announcement planning, to the family-owned company since early 2021.
‘Pym & Wildsmith’s transition to employee ownership has been a long time in the planning and at times there were questions about whether it was meant to be, but their resilience has been amazing,’ says Lisa. ‘I’m so happy they made it in the end.’
A challenging journey to EO
Resilience is the right word because, while every client’s journey to EO is different, Pym & Wildsmith’s has been particularly challenging after a serious fire destroyed a major part of their Uttoxeter factory last September – on the eve of their original transition date.
Fortunately, nobody was injured but the fire left their main building ‘in tatters’ and the team shaken, precipitating a sudden shift of priorities. Understandably, Pym & Wildsmith’s EO transition was delayed by 10 months.
Revisiting the factory last week for the first time since the fire for the party, Lisa says the celebration was ‘bitter sweet’.
‘Seeing the damage was an ongoing reminder of what Pym & Wildsmith have overcome. I also saw how the team has realised new opportunities, with equipment changes and efficiencies as a result of the fire.’
The fire gutted the main coating and oven shed, standing as a reminder awaiting rebuild
Securing the founders’ wishes
So where did Pym & Wildsmith’s inspiring journey to employee ownership begin?
In a conversation with Lisa and our Managing Director Jeremy Gadd in early 2021, during which Sarah Pym-Eaton – Pym & Wildsmith’s Finance Director and one of four family owners – explained that she had been investigating succession planning for several years, ‘discovered EO’ recently and that it was rapidly becoming the preferred option.
‘That initial conversation gave us a sense of how important it was for Pym & Wildsmith’s owners to make the right choices to secure what was important,’ recalls Lisa. ‘When Jeremy asked Sarah what was keeping her awake at night about the change, her immediate response was ‘the people part’.
‘I knew then that it would be vital to get a clear narrative in place and to support the business to recognise its history, while planning a new course for the future.’
Sarah revealed how the business had navigated turbulent times, with redundancies and talent being drained while managing to maintain key clients’ confidence. ‘Like all businesses, the pandemic and Brexit had presented further challenges, but they had a secure base and a resilient team, and knew the future held more opportunities to bounce back,’ Lisa explains.
The right support at the right time
JGA’s initial support was virtual (due to lockdown) and included a Founders’ Workshop with Steve and Wendy Pym, one half of the original founders’ team, and their children Ian and Sarah, who had joined the leadership team.
The thoughts captured in this session became the basis for Pym & Wildsmith’s Founders’ Wishes and a comprehensive FAQ to support the announcement and wider communications.
These included their heartfelt desire that, having committed their lives to the company, it should continue to provide for their employees’ families for generations to come.
Gradually senior leaders and key Admin team members were brought on board, with preparations carefully managed to meet a target transition date of September 2021.
‘That initial conversation gave us a sense of how important it was for Pym & Wildsmith’s owners to make the right choices to secure what was important’
Lisa Fryer, Associate and Operations Manager, JGA
Making clear communication a priority
However, in August, rumours started which had the potential to cause problems so JGA swiftly supported on-site briefing sessions for employees to prevent misinformation and avoid confusion.
‘Everything got back on track,’ Lisa explains. ‘Key clients and suppliers were contacted just ahead of the signing, culminating in a public statement on the eve of the transaction and an early night for the recently-appointed MD, Craig Taylor, in readiness for the big day.’
Then the call from the night shift came. The morning light revealed the damage. The Fire Service had done an amazing job but the impact was extensive.
The planned signing of the EO agreement was off, as the focus switched to securing Pym & Wildsmith’s survival. Months of communication with insurers, contractors and clients followed, while rebuilding plans left no space or energy for employee ownership. Pym & Wildsmith finally (formally) transitioned to employee ownership on 1 July.
Pride in an EO transition well done
Returning for last week’s party, Lisa was struck by Craig’s ‘pride in his amazing team’, as he introduced them to their new company plans.
As he explained: ‘What I saw that day [after the fire] was nothing short of a miracle. When the chips are down, we get things done.’
‘They’re not kidding!’ Lisa agrees. ‘Congratulations to Pym & Wildsmith from all at JGA for making it past this post. We can’t wait to see your next milestone and are excited to be joining you again on your journey now you’re officially employee-owned.’
If you’d like to know more about how JGA can support your organisation through our Transition, People and Governance services, please get in touch here.