A Fife firm’s 90 staff are now co-owners in the business after moving to employee ownership.
Cupar-based T&N Gilmartin, which can trace its roots back 68 years, is now owned by its workers.
The contracting firm specialises in landscaping, civil engineering, grounds maintenance, street lighting and surfacing.
The entire shareholding of the business has been placed in an employee ownership trust.
Company success down to employees says MD
Originally set up by Tommie Gilmartin Snr in 1956, the company remained in the Gilmartin family for three generations.
Current shareholders Philip and Donna McElhinney took over the company in 2016. They previously worked in the family business for many years.
Mr McElhinney said: “The success of our company is down to the hard work and dedication of our loyal workforce.
“We have been able to build upon the solid foundations established by previous generations of family and work colleagues to ensure the company continues to prosper in the long term.
“In planning for the future, it was important to us that the core values of the company remain.
“A sale to a third party was an option. However, we felt it was not in the best interests of our workforce.
“The move to employee ownership secures the long-term future of the business and the employment it provides.
“Donna and I shall continue in our roles for the short term in support of the new leadership team, however we know the company is in very good hands.
“It is our intention to fully stand aside, and we look forward to watching the next exciting chapter in the company’s development.”
T&N Gilmartin employee ownership work
The business has completed work at Baxter Park in Dundee, Crieff Hydro Hotel and the University of Dundee.
Accountancy firm Azets has been managing the employee ownership transaction.
Azets’ head of corporate finance in Scotland Graham Cunning said: “It has been great working with Donna and Philip helping them bring their succession plan to fruition and supporting them take the next step for this great family business.
“We wish them, and all the employees all the best in continuing to grow the business from strength to strength.”
Carole Leslie of Ownership Associates provided specialist employee ownership support, with legal advice provided by TLT Solicitors.
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