“I am delighted that all 17 staff will benefit.”
The founder of a restructuring specialist which operates from Glenrothes and Dundee has spoken of her delight at the company’s move to employee ownership.
Dunedin Advisory, which also has a Glasgow office, was formed in 2009 by Christine Convy.
It specialises in the restructuring and recovery of businesses throughout Scotland who get into financial difficulties and assist individuals with personal debt.
Securing company’s long-term future
Considering the future of the business, she weighed up offers to become amalgamated within larger firms.
The founder said moving the firm to an Employee Ownership Trust (EOT) helped secure its long-term future as well as rewarding staff.
Ms Convy said: “There aren’t many businesses that do what we do and are independent.
“We have no affiliation to an accountancy practice so we can deal with accountants and tax advisors without any conflicts.
“Looking ahead, we did have approaches from larger entities but this may have meant going into other locations and our current sites not being included.
“I repeatedly say how very proud I am of the Dunedin Advisory personnel and am delighted that all 17 staff will benefit from the rewards available to them within the EOT.”
Benefits of employee ownership
Ms Convy has no intention of retiring in the coming years but said she wanted to make the move to employee ownership early to give it time to build up strength.
She has retained a 20% shareholding as a sign of her commitment to the company.
The business will be run by a management board for the benefit of the Employee Ownership Trust, which can make annual tax-free payments to workers of up to £3,600.
Staff would also share proceeds of any future sale of the business.
“It is testament to the hard work, resilience and can-do attitude developed over the years – making the business and its people robust and effective,” Ms Convy added.
“Weekly team meetings are enlightening with many new ideas being shared.
“Everyone is ready to support clients coming out of the pandemic and are keen to build upon the strong professional relationships with existing and new contacts.”
Inclusive and open culture
Making the decision to become an EOT needed expert advice and support from a number of sources including Carole Leslie of Ownership Associates.
She said: “Employee ownership was a natural progression for Dunedin Advisory. The firm already operates with an inclusive and open culture.
“The transfer to the EOT means that the company’s values remain strong and the firm can continue to offer high standards of customer service to their loyal client base.”
Other advisors included Doug Rae from EQ Accountants and Stephen Gibb of Shepherd and Wedderburn.
Staff from Dunedin Advisory were recently appointed liquidators of Dundee pub Clark’s on Lindsay Street, which closed in September.
