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Succession plan

Balhousie Glazing opts for employee ownership

Balhousie

Founders: Drew Hay and Malcolm Sweeney


 

A Perth company specialising in the delivery of glazing projects has opted for employee-ownership for its 12 staff.

Founded in 1993 by Malcolm Sweeney and Drew Hay, the company has a turnover of £1.25 million.

Mr Sweeney said: “Drew and I had been discussing the issue of succession, and as neither of us had family members in the business, the only option we were really aware of at the time was a traditional trade sale.

“We would likely have been purchased by a rival company, something we didn’t want.

“A lot of our staff have been extremely loyal, and it was essential to us that we safeguard their jobs and ensure they could continue paying their mortgages and providing for their families.

“Being employee-owned would anchor the company in the local area, keeping our team’s extensive skills here too.”

An Employee Ownership Trust has been formed and holds 100% of the shares on behalf of the employees. The transition to employee ownership was supported by Co-operative Development Scotland (CDS), with the process managed by CDS’ Alistair Gibb and legal services by Gilson Gray.  



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