Employees at Kirkcaldy based Paramount Care were delighted to receive a special bonus just in time for Christmas. The company, now wholly owned by its employees, is celebrating another good year.
Ruth Smyth, who started the company in 2000, sold the business to the employees in March. “I’m delighted to see employees enjoy the rewards of their hard work. It is the dedicated commitment of our care and support staff that have made Paramount the success it is today. When I started to think about retirement, I could have sold Paramount to a larger concern. However, I am very conscious of our reputation for excellent care, and I couldn’t guarantee another business would adhere to our high standards. By selling Paramount to its employees, I know the company is in safe hands and has a secure future.”
Since 2014, employees in businesses with majority employee ownership are able to benefit from an annual tax free bonus. Research shows that companies owned by their employees tend to perform better than more traditionally structured businesses. A sale to employees is often a good solution for business owners who want to be sure that the company will remain local and protect the jobs of loyal employees.
Ruth’s decision to sell to an Employee Ownership Trust was well received by Paramount staff. Lynn Morrison said “Working in care can be challenging and it can also be very rewarding. We love it. Ruth has been a great boss and we were worried when she started talking about retirement. Now we own the company, it’s up to us to make sure Paramount remains a successful company, looking after our clients all over Fife.”