Accountancy firm follows client’s EOT move
A firm of accountants has opted for employee ownership after completing the same transition for one of its clients.
Glen Drummond Chartered Accountants in Livingston supported 40-employee steel stockholder Alexander (Scotland) make the switch and after “seeing the benefits” in a number of similar deals felt it would be a good move for the 10-strong firm.
Chris Wilson, director of Glen Drummond, said: “I had been aware of employee ownership for years, having assisted several clients transition their business.
“I am confident our employees have the right mix of skills, and the positive group attitude needed to continue the success of the business. Together they can now guarantee their own job security, something that may have been a worry with an external sale.”
Alexander (Scotland) & Co, which has a turnover in excess of £14m, has been serving steel customers across Central Scotland for almost 75 years and currently has premises in Stirling and Bathgate. The move to an employee ownership trust followed the desire of the current owner, Glenn MacLachlan, to ensure the business would continue to thrive after his retirement.
He said: “The process was relatively speedy given everything that was involved, and I can retire now knowing I have left the business in safe hands.”
Support for the Alexander deal was provided by 4-consulting (Ralph Leishman), TLT LLP (Douglas Roberts), Blackadders (Campbell Clark), Glen Drummond CA and Sharles CA.
Scotland is the third largest growth area in the UK for employee-owned businesses and Co-operative Development Scotland (CDS), part of Scottish Enterprise, offers guidance and support to companies considering their succession options via a fully funded succession review and employee ownership feasibility study.