Source: Employee Ownership Association
The John Lewis Partnership (JLP) is one of the UK's most profitable retailers – sales grew by 6.3% and pre-tax profit by 18.7% in the year to 27 January 2008. Its success owes much to the co-ownership principles of its founder, John Spedan Lewis, who handed over control and ownership in two trust settlements in the last century. The first settlement, in 1929, set up the current partnership and enshrined the principles of profit sharing. Financial control of the business was handed over at this point, but not in the form of a gift – the deal gave Spedan Lewis the right to be paid back for the ordinary shares he handed over. In 1950 the Founder handed over ultimate control to a Trust that owns the entire Partnership for the benefit of all its employees.
Publication Date: 2009-01-01