The billionaire owner of Patagonia has given the company away to environmental causes in a bid to help fight the climate crisis.
Standing by the morals the sportswear and outdoors fashion brand has always aligned with, and in a move that is no doubt setting the standard when it comes to environmental corporate leadership, Patagonia founder Yvon Chouinard and his family are giving away the entire company valued at $3 billion to a uniquely-structured trust and non-profit.
The move is designed to put all of the company’s profits into saving the planet.
Previously, Patagonia had given away 1% of its sales each year, and 2018, it said it was in “business to save our home planet” – but now, reluctant billionaire Mr Chouinard has said he feels this is “not enough”.
“I never wanted to be a businessman,” Mr Chouinard explained.
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“I started as a craftsman, making climbing gear for my friends and myself, then got into apparel [but] as we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia is committed to using our company to change the way business was done.
“If we could do the right thing while making enough to pay the bills, we could influence customers and other businesses, and maybe change the system along the way.”
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Patagonia founder gives away $3 billion company to environmental causes fighting climate crisis / Credit: Patagonia
Kicking off the next 50 years, Patagonia says it’s “going purpose” instead of “going public”.
All ownership has been transferred to two new entities – Patagonia Purpose Trust and the Holdfast Collective.
Most significantly, every dollar that is not reinvested back into Patagonia will be distributed as dividends to protect the planet.
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The Patagonia Purpose Trust now owns all the voting stock of the company, and exists to create a more permanent legal structure to “enshrine Patagonia’s purpose and values”, and will help ensure that there is never deviation from the intent of the founder.
It will facilitate what the company says it continues to do best – “demonstrate as a for-profit business that capitalism can work for the planet.”
Instead of “going public,” you could say we’re “going purpose.” Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.
The Holdfast Collective now owns all the non-voting stock, and will use every dollar received from Patagonia to “protect nature and biodiversity”, support thriving communities, and ultimately, work on tackling and preventing climate change.
Each year, profits that are not reinvested back into the business, will be distributed by Patagonia as a dividend to help fight the climate crisis.
Announcing the transfer of the company, Mr Chouinard: “It’s been a half-century since we began our experiment in responsible business, but if we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have.
“As the business leader I never wanted to be, I am doing my part.
“Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.
“We’re making Earth our only shareholder – I am dead serious about saving this planet.”
Featured Image – Patagonia
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Pat Regan at the Fairfield Social Club – a brilliantly unhinged evening of standup comedy
Clementine Hall
There’s a particular kind of chaos that only Pat Regan can deliver, and the recently re-recognised Fairfield Social Club got the full force of it last night.
Making his Manchester debut as part of the ‘A Lovely Time’ series at the equally as lovely Fairfield Social Club, the New York comic, writer, and podcast host arrived with the energy of someone who had already lived through three emotional breakdowns before breakfast and somehow still had the worst to come.
Known for his work on HBO’s Hacks and the cult-favourite podcast Seek Treatment with fellow comic Catherine Cohen, Regan’s stand-up feels less like your traditional comedy set and more like being trapped in the world’s funniest group chat.
The perfectly intimate room beneath Fairfield’s railway arches was packed with adoring fans who were immediately on side as Regan launched into stories about traumatic trips to Paris, Grindr dates, massage tables and having crushes at the gym.
The audience was in the palm of his slightly sweaty hands (don’t worry, he’ll be fine with me saying so), laughing at every awkward punchline and self-deprecating anecdote.
The material is nothing groundbreaking, but this is what makes it so deeply hilarious; never before has shopping for the perfect pair of jeans been so serious and unserious at the same time.
There was laughter rolling through the venue for virtually the entire set, and after an hour of never-ending quips and jokes, we were left wanting more.
And the best part is, it won’t be long until we get more from this place, and it’s no wonder they’re starting to get the hosting plaudits they deserve.
It’s safe to say Fairfield Social Club has become one of Manchester’s most exciting homes for alternative comedy, and this felt like exactly the sort of booking that justifies its growing reputation.
By the time Regan left the stage, the audience looked equal parts exhausted and delighted. An absolutely classy evening indeed.
Find out about what else is on at the Fairfield Social Club HERE.
First-ever JD Wetherspoon pub to open at Manchester Airport
Danny Jones
In news that we feel many Mancs and travellers all-round have been waiting on for a long time, the well-known British chain, JD Wetherspoon, will be opening its first-ever pub at Manchester Airport.
That’s right: soon that first airport pint of the holiday could actually be a relatively cheap one.
While Wetherspoons are no strangers to popping up in terminals across the UK and Ireland, they’ve never done so here in Manchester despite having three, yes THREE, in Gatwick alone.
Not for much longer, though, as soon T2 will be lending more than 3,000 square feet of its prime leisure and retail real estate to a new Greater Manchester ‘Spoons’.
Posting on social media, the airport wrote: “Wetherspoon comes to Manchester Airport this September! The pub will be located in the Terminal 2 Departures lounge and will have more than 300 seats.
“This will become the final major food and drink venue to open its doors as part of our decade-long £1.3bn transformation of Terminal 2. It will be named ‘The Belle Vue’, in a nod to Manchester’s historic showground [now a sports complex and leisure hub].
“It was a focal point for social life in the city from the Victorian period up until 2020, when the final event was held at Belle Vue stadium. The design of the pub is inspired by the history of Belle Vue and the sporting culture of the North West of England. We look forward to welcoming you all in September!”
While a lot of money has been pumped into T2’s refurb as a whole over the past few years, it remains unclear just how much this particular new addition will cost; we do know that great sums were set aside for the launch of the Great Northern Market last year.
The inaugural Manchester Airport Spoons is just the latest in a series of major renovations.
As mentioned, the company already operate several up and down the country – 10 airport pubs, to be specific – but this will be the first in the North West.
Speaking on the news, JD Wetherspoon chief executive John Hutson said in a statement: “We are looking forward to opening at Manchester Airport. We believe our new pub will prove popular with travellers of all ages and be an asset to the new terminal.”
With Manchester Airport adding a dozen new routes to its roster this summer, you can expect to see even more people flying in and out than ever – no doubt having already polished off a cut-price pint or two beforehand.
Emily Sergeant -
15th September 2022 
