Tue, 12 Nov 2024 | BUSINESS SALE
Half a century old hi-fi manufacturer Rega Research has turned to employee ownership.
The Southend-on-Sea company, launched in 1973 by Roy Gandy and now known for its turntables, along with cartridges, amplifiers, phono stages, CD players and speakers will now be owned by its staff through an Employee Ownership Trust.
Rega Research said it is proud to remain a dedicated British manufacturer, employing over 140 people and selling to 46 different countries. It designs and assembles every product by hand in its custom-built 38,000 square foot facility.
In a statement on its website the group said: “Rega is recognised globally for producing high performance, affordable, two channel hi-fi, which lasts a lifetime. We never bow to industry pressure and actively work on being different from other companies. Focusing on this niche marketplace is the cornerstone of our company culture. The EOT is significant in our history as it will ensure that Rega continues long into the future and our strategy will remain unchanged. It will protect our culture and decades of hard work."
The group added: “Becoming an EOT prevents the company being sold and potential buyouts whilst providing all staff with job security going forward."
Founder and owner Gandy gifted 100 per cent of his shares, full ownership, in the company to the trust. Gandy remains the sole director and will continue to work in R&D and sales.
In its most recent results to the year ending June 30, 2023 it said its turnover of £13.8 million had been impacted by the pandemic but that trade was returning to pre-Covid levels.
More generally the company will have benefited from a growing demand for vinyl records in recent years. This is down to a number of drivers such as nostalgia amongst older fans but also younger music lovers wanting to own a physical product rather than just streaming tunes over their mobile phones or laptops.
Find out more about the increasing popularity of employee ownership trusts
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