A historic Scottish auctioneer has entered employee ownership in a move believed to be the first of its kind.
The move “ensures the long term success” of the livestock auctioneer that was founded in 1858.
It also provides continuity for customers and key stakeholders, Unite Auctions said.
It operates a network of auction markets across Scotland, including Stirling, Huntly, Lairg, Dalmally, Tiree, Islay, Uist and Oban
“The move ensures long-term success for Scotland’s leading livestock auctioneers while reinforcing its commitment to staff, by ensuring all employees have an indirect stake in the business and a stronger voice in its future,” an agent said.
United Auctions hailed the company’s transition to an Employee Ownership Trust.
“Unlike traditional buyouts or mergers, this transition keeps decision-making local, preserves the company’s culture, and strengthens the trusted relationships staff have built with customers,” the agent added.
In what is believed to be the first of its kind for a livestock auctioneering company to undertake, the sale to an Employee Ownership Trust (EOT) “solidifies employees’ role as the driving force in supporting agricultural communities for generations to come”.
The board of directors, comprising John Roberts, Donald Young, Christopher Sharp, David Brown, Richard Henderson and Peter Wood, will continue to manage the business as usual, albeit in evolving roles. The EOT facilitates a seamless ownership transition that preserves United Auctions’ culture and ethos while creating an inclusive and transparent governance model.
John Roberts, now executive chairman of United Auctions, said: “By becoming employee-owned, we are reaffirming the future of United Auctions for our employees while safeguarding the values that have made us a trusted name in livestock auctioneering,”
Donald Young, who is now joint managing director of United Auctions alongside Christopher Sharp, said: “As we move forward as an employee-owned business, customers and farmers can rely on the same level of service and commitment that our staff have upheld for years.”
The new trustee board comprises George Purves as chairman, David Brown as employee trustee director, and independent trustee director Jane Johnston.
George Purves, who is stepping down from operational duties at United Auctions to chair the trustee board, said: “The success of United Auctions has always been built on the dedication of its team and the trust of its customers. This new model preserves independence and empowers employees with a tremendous opportunity to drive the business forward and ensure its continued success.”
The transaction has been completed with the assistance of HSBC Bank UK plc, Johnston Carmichael’s corporate finance team, Burness Paull LLP, TLT LLP and Ledingham Chalmers Solicitors.
Nigel Kerr, of HSBC UK, said: “This is a brilliant opportunity for United Auctions to bring employees to the forefront of the company and we are pleased to support them in this transition. This move will provide continuity for customers and stakeholders and strengthen the position of the company going forward.”
Andrew Ewing, of Johnston Carmichael, said: “We were delighted to assist with the transaction to bring United Auctions into employee ownership. This crystalises a long association between the company and the Johnston Carmichael corporate finance team which has assisted in providing strategic advice to the management team over the last few years. The deal aligns very much with the principles of the company and its loyal staff and client base and provides a significant platform for the continued successful growth of the business.”
Douglas Roberts, corporate partner at TLT, said: “It was fantastic for our EOT specialists and banking team to be involved with this landmark EOT deal for Scotland. United Auctions is the leader in its field and its employees now have a fantastic opportunity to drive the business forward and benefit from its continued success.”
Helensburgh Golf Club for sale 'as development opportunity'
A popular golf course on the banks of the Clyde has gone on sale as a housing development.
Helensburgh Golf Course, located in the town’s East Abercromby Street, has been advertised as “a unique and picturesque setting for future residential development” in Argyll and Bute.
Savills, is marketing the site, which currently has an 18-hole course, is allocated in the Argyll and Bute Local Development Plan involving the development of 300 dwellings.
Under the plan, the course would survive alongside a new housing development, a quarter of which will be affordable housing built with Dunbritton Housing Association.
AROUND THE GREENS
'Overly-inflated rates' threaten Scottish golf tourism
This article appears as part of Kristy Dorsey's Around the Greens series
It is estimated that golf tourism generates roughly £300 million annually for the Scottish economy, with the 90 or so international operators at last month's Scottish Golf Tourism Week in Aberdeen bringing some 50,000 guests into the country each year.
Among those represented was GHW Golf Tours, which was set up in 2009 by director Derek Anderson. Mr Anderson is also chairman of the Scottish Inbound Golf Tour Operators' Association (SIGTOA), which was set up in 1993 to establish a code of conduct for the industry.
The inbound industry is benefitting from the emergence of new overseas markets, according to Mr Anderson, but others are under threat as rising hotel rates and green fees "could eventually price Scotland out of the market".
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