Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Consilium Chartered Accountants has advised and supported engineering business, Martin Precision Ltd, in transferring to employee ownership.
This comes as a majority shareholding in the third-generation family business, which is a manufacturer and supplier of precision components for the aerospace, defence and energy sectors, has been sold to an Employee Ownership Trust (EOT).
The firm’s corporate finance partner, John Blair, introduced the possibility of employee ownership to the business as a means of securing its future in Lanark.
Established in 1993 by William Martin, the business generates annual turnover in excess of £5m and employs nearly 50 employees.
Blair said: “This is a great Scottish business with an international presence. A key priority of the shareholders was to ensure Martin Precision remained rooted locally and uphold the company’s values of quality and investment in people. The EOT delivers on that, whilst allowing a path to an eventual exit for the vendors.
“Everyone at Consilium is delighted to have supported our client in the transfer to employee ownership. We are advising more and more companies on this type of buy-out as owners start to see the tangible benefits of employee ownership.”
Lorna Gourlay, finance director of Martin Precision, said: “The support and advice received from Consilium has been superb throughout this transaction. John Blair talked us through all the options which helped our decision-making processes immensely.
“When it became obvious that the EOT was the right route for us, John took the time to talk us through how it would work. The transaction was executed efficiently, and John’s guidance ensured minimal distraction to our day-to-day operation. I can’t speak highly enough of John’s assistance in working with us on this very important step in the company’s history.”
