ORGANIC farm and vegetable box company Riverford Farm is set to become 100% owned by its staff after its founder, Guy Singh-Watson decided to sell his stake in the company.

After selling almost 75% of the business in 2018, Singh-Watson’s remaining 23% stake sold for almost £10m.

Guy said: ‘Five years ago, I sold 74% of Riverford to its staff, making us employee owned.

‘The price was set at a quarter of what accountants told me it was worth, but staff (and co-owners) were buying what they had helped to build, and I wanted to avoid burdening the business with debt.

‘On a good day, I am still a useful – if occasionally cantankerous – part of the Riverford team, and plan to continue in this way for the foreseeable future. But the business now rightfully belongs to all of its nearly 1,000 co-owners, so it’s time to sell my remaining shares. I do so happily, with no regrets, and in full confidence that collectively, co-owners, customers, and suppliers will make more of Riverford than my waning energy could.’

Although the money will be paid over the course of five years, full control of Riverford will be passed immediately to the 900 members of staff situated in Devon and beyond.

Speaking to the Guardian, Singh-Watson added that a proportion of the cash he was receiving would be invested in more solar power and agroforestry on his own farms – in Devon and France – with some going to the Ripple Effect charity, which helps farmers overseas, and in local community projects in Devon.

On leaving the helm of the business, Guy added: ‘Founders can hang around too long, and I don’t want to be that person who needs to be told to go.’