Microtech boss opts for EOT after rejecting offers
IT service specialist Microtech Group, has spurned a number of acquisition approaches and opted to future proof the business through employee ownership.
Chris McMail turned down several offers for his 35-year-old business and will hand it over to its 70 employees through an Employee Ownership Trust [EOT] which will value the company at £15m.
Ownership Associates will handle the switch of 74% of the business’s shares to an EOT, with Mr McMail retaining a minority shareholding and remaining as managing director of the £5m-turnover company.
He said: “This is a great business with talented loyal people. My prime consideration was that any action taken would not compromise them in any way.
“After making the initial decision to explore options for the future, I received various competitive purchase offers. However none of these guaranteed the continued operation of Microtech in Scotland, which took so much hard work to build.
“It soon became apparent that any sale of the business to a third party would result in drastic changes to the company operations, including potential relocation and possible job losses.
“When the proposal of transitioning to an EOT was suggested, I knew this was the best way to secure the company’s position in Ayrshire.”