A Dundee engineering services firm has completed its transition to employee ownership.
Scan Building Services Ltd, which has been operating in the city since 1980, is now owned by 56 members of staff.
Operating in the construction industry as a specialist contractor, Scan provides services such as heating, ventilation, air conditioning and plumbing systems.
Previous owner David Anderson has sold his shares to an employee ownership trust, which is holding them on behalf of the employees.
Graham Prophet, part of Scan’s senior management team, said: “When we were considering our options for future ownership of the business, we wanted to ensure the jobs were retained in Dundee and the staff were rewarded for any success.
“Employee ownership ticked all of those boxes and following a feasibility study last year, we knew it was the best option for us.
“A fair price was achieved for the previous owner that also ensured sufficient reserves were left in the company to provide working capital to invest for the future.
“All employees now have a real interest in the success of the business which will motivate them to perform and achieve.”
Scan’s clients include construction contractors, local authorities, health trusts and private companies and last year the Byron Street business had a turnover of £3.9 million.
The company is known for its apprenticeship programme and it plans to introduce an incentives scheme for senior management.
Henderson Loggie assisted the firm’s transition to employee ownership, which can be a tax efficient exit strategy for business owners.
Mr Anderson said: “Henderson Loggie suggested this very effective structure which met my objectives and allowed ownership of the company to pass to the employees, who now have a vested interest in making it the best company it can be and to benefit directly from their efforts.
“I’m very proud of the way things have worked out and I wish the new owners of Scan every success for the future.”
Rod Mathers, partner at Henderson Loggie, added: “Employee ownership is a very tax efficient option for business owners to realise their investment and pass ownership on to employees to reward and motivate them to continue to grow the business.”
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