U.K. radar firm Cambridge Pixel moves to employee-ownership business modelNews
November 10, 2020
CAMBRIDGE, U.K. Radar-technology firm Cambridge Pixel has set up an Employee Ownership Trust (EOT) in a move to put the award-winning radar technology firm into the hands of the team of people who work for it, thereby making them the direct beneficiaries of the company’s future success.
According to a statement from the company, CEO Dr. David Johnson, who cofounded the company in 2007, wanted to secure the long-term future of the firm and "was keen to avoid a messy trade sale or a botched merger." He said that he saw many advantages to the switch to employee ownership and believes that it will benefit the founders, employees, and customers.
“The establishment of employee ownership through the EOT at Cambridge Pixel will provide continued job security for all staff,” Johnson said. “It will also enable the employees to have collective control of their future and to continue to deliver world-leading radar technology to companies developing mission critical products in naval, air-traffic control, vessel traffic, commercial shipping, security, surveillance, and airborne radar applications.”
Andrew Haylett, chief engineer at Cambridge Pixel and one of the new trustees responsible for overseeing the running of the company, said of the move: “This is great news for all the staff at Cambridge Pixel who now have a stake in the business and will share in the profits.”