Change of status for book firm
Palimpsest makes switch to employee ownership
Turning a new page: employees mark transition of ownership
Palimpsest Book Production has become the latest Scottish business to announce its transition to employee ownership with 21 staff given a stake in the business.
Established in 1994 by Craig and Ruth Morrison, the Falkirk-based company provides a full range of pre-press services,
The Morrisons realised that at some point they would need to create a succession plan for the business. As founders they wanted to ensure that when they retired they could guarantee that Palimpsest would continue to operate.
Mr Morrison said employee ownership will ensure that Palimpsest continues to thrive, offering employment and careers in Scotland into the future.
“With a client base ranging from leading international publishing companies to self-publishing authors and an ‘end to end’ range of pre-press services, the new employee ownership trust has a strong foundation.”
The Morrisons have now sold a controlling interest in the business to an employee ownership trust.
Sarah Deas, director at Co-operative Development Scotland, said: “It’s excellent to see yet another business recognising the many benefits of employee ownership, and we are confident the decision will see Palimpsest further cement its position as a market leader in the UK’s book production sector as it continues to flourish and grow.”
Palimpsest’s transition to employee ownership was supported by Co-operative Development Scotland (CDS), with the process managed by adviser Alistair Gibb of Ownership Associates and legal services provided by Douglas Roberts of Lindsays.