The founders of Shambala have transferred ownership of the music festival to their employees, making it the first such event in the UK to be owned and controlled by its workers.

Kambe Events, the company behind the 26-year-old festival, said on Tuesday that the co-founders will cede the business to workers under an Employee Ownership Trust (EOT).

​“In an increasingly commercialised festival scene, we simply could not sell to venture capitalists or the big promotion companies,” said co-founder Chris Johnson. “While exploring alternative paths, we fell in love with the employee ownership model.”

The 15,000-capacity Northamptonshire festival has previously hosted acts including rap duo Bob Vylan and rock band Henge.

Its new ownership structure comes as “many independent festivals” are being bought up by live entertainment conglomerates, the festival said in a statement. One such company, Superstruct Entertainment – owner of Boiler Room – is the subject of a boycott campaign because of its owner’s Israel-linked investments.

“By choosing employee ownership, Shambala is reinforcing its commitment to independence, sustainability and ethical stewardship,” the statement said.

Dan Raffety, another co-founder, said: “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.”

The incoming chair of the new EOT, Tom Berry, said the move was based on the founders’ desire to build a “lasting legacy”.  ​

“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,” he said, “and employee ownership means everyone wins.”

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