Staff at Market Carpets in Exmouth, Tiverton and Exeter helped to celebrate UK Employee Ownership Day on Friday, June 23, which showcases the impact employee ownership has on employees, business, the wider economy, communities, and the environment.

Market Carpets was established in 1965 by Mike Burch in Exeter, before expansion stores were opened in Exmouth and Tiverton. With retirement pending for Mike the idea of an Employee-Owned Trust (EOT) was best for the business to go forward.

Formed in January 2022 and employing 28 staff, the employee-owned local independent flooring company celebrated employee-ownership on 23 June alongside others in the sector across the UK.

Claire Moisob, Finance Director for Market Carpets, said: "It has been a really rewarding first 18 months of being an EOT.

"We have all learnt a lot about what an Employee-Owned business entails and found that we are much more focused on working well as a team to give the best customer service we can."

James de le Vigne, CEO for the Employee Ownership Association (EOA), added: "Companies such as Market Carpets are great examples of the economic and social benefits that can be achieved when employees have a stake and a say in the business in which they work."

The benefits of employee ownership have been proved in EAO-led research, and include improving employee health and wellbeing, increasing productivity and fostering creativity and innovation across an array of industry sectors.

In the UK, employee-owned companies contribute over £30 billion to the economy, and operate in a range of sectors including healthcare, social care, education, transport, manufacturing, retail and professional services.