Shambala to become first employee-owned UK festival
“Shambala stands for independence and, in an increasingly commercialised festival scene, we simply could not sell to venture capitalists or the big promotion companies”
Shambala Festival has announced its plan to become the UK’s first ever employee-owned festival.
The independent festival’s original founders, Kambe Events, are set to step aside and allow the festival’s team of long-serving employees run the business.
The festival will be owned by an Employee Ownership Trust (EOT) and retain its independence.
Co-founder Chris Johnson said: “All of us at Shambala have an emotional stake in what we have built over 25 years; now everyone has an ownership stake too.We would be nothing without our people, and they deserve to carry on the Shambala legacy as beneficiaries.”
He added: “Shambala stands for independence and, in an increasingly commercialised festival scene, we simply could not sell to venture capitalists or the big promotion companies. While exploring alternative paths, we fell in love with the Employee Ownership model.”
Dan Raffety, another of the festival’s co-founders, added: “It is patently clear that the current capitalist model is fundamentally broken. As a society we must explore alternative models of ownership as a way through which the massive power and potential of capitalism can be focused on serving humanity and the planet at large.
“Employee Ownership is just the next, natural step in Kambe’s adventures towards a utopia – the next phase in our constant evolution towards justice and a better world.”
Tom Berry, the incoming chair of Shambala’s EOT, said: “Employee ownership is the very best long-term option for people-focused businesses looking to protect their culture and reward their people. Kambe is a hugely creative group of people who have worked together to create one of the most culturally significant and unique festivals in the UK. The Kambe founders want a lasting legacy and employee ownership means everyone wins. I’m incredibly proud to be the team’s first EOT Chair.”