Peregrine Livefoods, Europe’s largest specialist wholesaler of reptile products has officially made the final payment towards becoming a fully independent employee-owned trust.
The latest development comes as founders and co-owners, Tim Green and David Perry conclude their four-year exit plan.
The duo founded the Harlow-based company in 1987, employing over 130 people from the local area during their time running the business.
Green and Perry said they wanted to sell the “company to the existing employees” in order to “provide job security to their staff”.
Previously, the pair appointed Kingsley Tedder as finance director. Here, he assisted in hiring a management team which would eventually remove the need for the duo’s “daily involvement”.
Later, Green and Perry sold their business to a newly formed trust company, Peregrine Livefoods Trustee Ltd. This allowed the company to pay Green and Perry for their valuation from the profits over several years, whilst also “enabling all employees to share in a tax-free annual bonus scheme”.
The final payment to Green and Perry was made today (21 June 2021) marking the four-year anniversary of the EOT conception with a change to statutory directors and a new era for Peregrine.
Green, Perry, and Tedder have since all stepped down as statutory directors but will remain working for Peregrine on a consultancy basis as required. Chris Jones will continue as managing director.
Peregrine said it is now “looking to the future” with ambitious plans and further investment.