Folio Society moves to employee-owned model ahead of 75th anniversary

The Folio Society has become an Employee Owned Trust (EOT) following five years of "consistent growth and publishing".

It was sold to its 40 employees this week, in a buyout led by c.e.o. Joanna Reynolds on behalf of the cohort. The model is similar to that adopted by department store John Lewis and Riverford. It comes as the publishing house celebrates its 75th anniversary next year. 

The pivot to a 100% employee-owned business was the brainchild of Reynolds, who has been the firm's c.e.o. for the past five years. She said: "The Folio leadership team is very excited about the move to an EOT. It is a progressive, innovative, industry-leading approach that reflects our values and will position the business strongly for the future. The people who have driven the business forward and who will continue to strive for excellence in everything we do, will own Folio. 

"We believe that our authors, illustrators and other key partners will celebrate with us in this positive step towards the next 75 years of Folio’s story. We love the books we publish and know they can only get even better."

The structure of the business day to day will remain the same, with the current management board remaining in post. Reynolds, chief financial officer Urmi Dutta-Roy, publishing director Tom Walker, marketing director Emma Lawson and Mark Mainstone, business services director, are the company directors, with the addition of Brian Edwards as the non-executive chair. An employee council and the Folio Society Trust are the other key elements of the structure.

Commenting on the change in ownership, share management board chair Kate Gavron said: "The shareholders are delighted by the creation of an Employee Ownership Trust for The Folio Society. I am certain that my late husband, Bob Gavron, who bought the company in 1982, would have approved enthusiastically. Folio is a publisher of beautiful books, created to the highest editorial standards and with outstanding design and illustration. 

"It is fitting that the new owners should be the employees, as they are the people who have made it what it is today. I am confident that Folio has an exciting and successful future under the leadership of Joanna Reynolds, with an excellent management team supported by Brian Edwards as non-executive chair."

Recent titles from the collector editions specialist include Frank Herbert’s Dune, Margaret Atwood’s The Handmaid’s Tale, Andrew Chaikin’s A Man on the Moon and Alice Walker’s The Color Purple.