ALMOST 200 jobs have been safeguarded at a retirement village after bosses decided to transfer its ownership to staff.

Middleton Hall Retirement Village, based in Middleton St George, near Darlington, is to join the likes of retailers John Lewis and Waitrose in becoming employee-owned.

Bosses say the move is aimed at safeguarding the long-term future of the home, and will make it one of only 300 UK employee-owned companies and the first staff-owned retirement village or residential care facility in the country.

Middleton Hall’s 190 staff learned of the proposal at a recent briefing session where Jeremy Walford, the company’s main shareholder and managing director , outlined the plans.

“I have worked hard to transform what was a struggling care home into one of the leading retirement villages in the UK and have taken considerable personal financial risk to turn it into a successful and profitable company that is financially stable," said Mr Walford.

"My motivation over the last 22 years has been driven by the desire to build a business that makes a difference to our customers and staff rather than purely for financial reward.

"I now feel a responsibility for ensuing Middleton Hall continues with the vision of being the best and maintains the values that make it the special place where our residents live and staff work for the long term.

“I have received offers to sell the business but I am aware that in selling a company you never know who you are really selling to in the long term and I have seen good companies in our sector ending up barely a shadow of the business they historically had been when run by a caring owner, after being bought out.

“In a business world where capitalism and especially social care businesses often have a bad name, an Employee Ownership Trust offers a different model of how a truly caring company can operate, so my personal decision was easy.

“It should sustain Middleton Hall for the long term, ensure continued re-investment, high staff engagement and customer focus. "

Deb Oxley, chief executive of the Employee Ownership Association (EOA) which represents organisations which are employee owned or transitioning to employee ownership across the UK, said: “The move to employee ownership will secure the future of the business, its employees, its service to customers and contribution to the local economy, while retaining the values it holds dear, for many years to come.

"We congratulate Middleton Hall Retirement Village on its transition."