Equipment hire firm opts for employee ownership
A Scottish tool and plant hire company has made the move to employee ownership and handed control to its 29 employees.
Falkirk-based Your Equipment Solutions (YES) has placed the majority of the shares into an Employee Ownership Trust (EOT).
The firm is marking its 10th year of operation and is on track to achieve another record year in 2022, recently opening a second branch in Dundee.
David Johnstone, the 52-year-old founder and MD was a senior director at HSS Hire and is looking to secure the future of the firm while fulfilling his goal of retiring at age 55.
He said: “Your Equipment Solutions has reached an incredible milestone. As founder, I’m at a point where I’ve passed down my vision and purpose to the staff over the years and they have embodied it in everything they do.”
To mark the company’s move to employee ownership, and to reward the YES. team for their loyal service, the company is paying a special £1,000 bonus to each employee.
Employee ownership firm Ownership Associates handled the transition and has now helped more than 80 businesses adopt the model.
Carole Leslie, director at Ownership Associates said: “There was a real sense of family and community at YES and it was an absolute pleasure to assist David in handing over control to his loyal staff.”