Stirling-based United Auctions is under new ownership.
The country’s leading livestock auctioneering firm changed hands in a management buy-out just days ahead of the launch of this month’s pedigree bull sales.
A consortium comprising managing director George Purves together with John Roberts, Christopher Sharp and Donald Young and backed by fellow directors David Brown, Donald Morrison and Matt Stevenson acquired the entire issued share capital for an undisclosed sum.
The buyout is being funded by HSBC Corporate, Scotland.
The deal includes all the auction markets within the group, including the property holding at Stirling Agricultural Centre. Other marts are in Dalmally, Lairg, Huntly, Tiree, Islay and South Uist.
Mr Purves and his team assumed operational responsibility for the business in August 2106. He described the move as a ‘big step’ in the evolution of the company.
“We are deeply proud to be sharing the responsibility of taking the business forward for the next generation,” he said.
Former owners Robin Tough, Neil McLean and David Leggat, who stood down from the management team in December 2016, will each continue to have non-executive, advisory roles with the Company.
Outgoing executive chairman David Leggat said it was the right time to take a step back and allow the next generation to take the business forward.
He added: “We have the utmost faith and belief that the next team will continue to build upon the foundations and success the business has had to date.”
In 2013, UA was named in the London Stock Exchange’s ‘1000 Companies to Inspire Britain’.
nnicolson@thecourier.co.uk
