North Devon’s BJ’s Value House stores transferred to employee ownership

The long-standing owners of the popular BJ’s Value House stores in Barnstaple and Bideford have transferred ownership of the business to their employees in a move to secure its long term future.

Directors Richard and Mike Ford of Solo Retail Limited – which trades as BJ’s Value House - have sold their shares to the company at a discounted rate to be placed into an employee ownership trust (EOT).

The brothers of North Devon’s well-known Ford family, which set up the former Brian Ford’s Discount Store before going on to open the BJ’s stores in 1993, say the transition to employee ownership will ensure the company’s long-term independence and recognises the invaluable contributions of its employees.

They intend to stay on as company directors for a few years to guide the transition, ensure continuity and help the new leaders of the business as they emerge.

The BJ’s Value House retail stores at Seven Brethren in Barnstaple and on Clovelly Road in Bideford continue the Ford family tradition of offering value over a broad range of household goods, pet care, DIY, local foods, and particularly garden plants, garden accessories and furniture, while delivering good customer service.

Above: Pictured at the Bideford store following the transfer of Solo Retail Ltd, which trades as BJ’s Value House are Martin Turner, store manager, Ali Court stock controller and Dave Crout, newly appointed director. Credit: Solo Retail Ltd

Under the new structure, ownership of Solo Retail Ltd has been transferred to a trust set up on behalf of its employees. This model gives staff a meaningful stake in the company’s success and ensures it stays in local ownership while safeguarding its culture, values and commitment to customers.

Mike Ford explained: “The company effectively buys our shares, at a significant discount to market value, out of built up cash. The shares are held in trust for the benefit of employees, who will have the chance to share in tax free bonus pools when the company does well.

“There has been no need for anyone to raise finance. There is no debt at all for the employees and no risk attached to them should the business do less well than anticipated.

“Most of the team at BJ's has been with us for many years and rather than selling to an outside third party that may come in and change the culture here, we wanted our colleagues to be the beneficiaries and have the opportunity to take the business forward without any burden of debt on their shoulders.”

Richard Ford added: “This transition is about securing the future of BJ’s Value House for the people who make it what it is — our employees.

“Employee ownership reflects our belief that everyone should share in the success they help create. It also ensures the company remains rooted in its values, its family feel, and independence for the long term.”

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Martin Turner, manager of the Bideford store, said becoming employee-owned gives staff ‘a real sense of pride and purpose’.

He added: “We’re excited to continue growing the business together, with everyone having a voice and a vested interest in our success and looking after our valued customers like we have for many years.”

With the trust in place, the company said BJ’s Value House will ‘continue to operate as usual, maintaining its leadership team and focusing on providing a wide range of products and great value for the people of North Devon’.

‘Right now, the attention is on Christmas, with an amazing display delighting customers in both Barnstaple and Bideford’.

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