Liverpool book import specialist Publiship hands control of the £15m-turnover over to its employees in a Employee Ownership Trust. Tony McDonough reports

Liverpool book freight forwarder Worldwide International, trading as Publiship, has handed over control of the business to its employees.

An Employee Ownership Trust (EOT) has been set up in what has been described as “a significant milestone in the company’s history and goal to secure a more sustainable, employee-focused future”.

Based at the Royal Liver Building, Publiship, which started trading in 1983, imports 60% of the books coming into the UK via locations such as China where many English language titles are now printed. The business operates 13 offices across the world.

Its most recent accounts, covering the 12 months to April 30, 2024, revealed a big fall in both revenues  – from £31m to £15m – and pre-tax profits – from £2.2m to less than £600,000.

In its annual report the company said: “Profitability and financial performance was adversely affected by falling ocean freight rates during the period resulting in reduced turnover and profitability… liquidity remains strong.”

This new EOT structure ensures that Publiship can be wholly owned by its employees, reinforcing a long-standing culture of “collaboration, shared responsibility, and long-term stability”.

Under this model, the EOT will hold 100% of the company’s shares on behalf of all employees, enabling them to collectively benefit from the success they help create.

Founder and former majority shareholder Sam Higgins said: “Transitioning to an EOT was the natural next step for our business. We’ve always believed that our people are our greatest asset.

“By placing the company in the hands of those who drive its success every day, we are safeguarding our values, our independence, and our long-term vision.”

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The EOT transition provides continuity for clients, partners, and staff, while offering more employee engagement and empowerment and a clear succession plan.

New chief executive James Doyle added: “This change recognises the dedication and expertise of every member of our team. We look forward to building an even more inclusive and innovative future together.”

James Doyle, Gerard Lyons and Andrew Hughes have joined the board of directors, joining existing members Sam Higgins and Sue Kelly. Advisors on the transaction were Hill Dickinson and Claritas.