Adam Price, Plaid Cymru's Shadow Cabinet Secretary for Finance and Economy, told the BBC: "I am very concerned at the news of the suspension of the sales process and am deeply disappointed that the Walesled management and
worker buyout will not be able to go to the next stage of the process.
He added: "I am very concerned at news of the suspension of the sales process and am deeply disappointed that the Wales-led management and
worker buyout will not be able to go to the next stage of the process.
They pursued a
worker buyout for moral, symbolic, and perhaps ideological reasons.
The other version of spontaneous privatization,
worker buyout, gives incumbent workers a stake in the new regime, but also generates discontent among the non-working population, thereby diminishing public support for this form of privatization.
worker buyout models as a way of continuing to own their factories.
Thus Brecher analyzes in detail the Seymour Specialty Wire
worker buyout and then celebrates the Naugatuck Valley Project's coalition for economic revitalization under local control.
The authors add that
worker buyout and participation mechanisms in themselves are not a guarantee of success.
There is also the possibility of a management and
worker buyout if other purchasers do not come forward.
Tyrone O'Sullivan was one of the leading figures 11 years ago in the
worker buyout of Tower Colliery when miners each put in pounds 8,000 in redundancy money to buy the pit.
In fact it means a range of potential providers, including co-operatives and social enterprises as well as private providers,
worker buyouts and voluntary sector agencies.
Wales has had a good experience when it comes to
worker buyouts, the legendary takeover of Tower Colliery by Tyrone O'Sullivan and his team a particularly good example.
