Consilium advises Martin Precision as business transfers to Employee Ownership Trust
Precision engineering business Martin Precision Ltd has transferred to employee ownership thanks to advice and support from Consilium Chartered Accountants. A majority shareholding in the third-generation family business – a global player in the manufacture and supply of precision components for the Aerospace, Defence and Energy sectors – has been sold to an Employee Ownership Trust (EOT).
Consilium’s Corporate Finance partner John Blair introduced the concept of employee ownership to the business, as a means of securing the company’s future in Lanark. Established in 1993 by William Martin, the business generates annual turnover in excess of £5m and employs nearly 50 skilled employees, the vast majority of whom live locally.
Helping Martin Precision remain rooted locally in Scotland
John Blair of Consilium said: “This is a great Scottish business with an international presence. A key priority of the shareholders was to ensure Martin Precision remained rooted locally and uphold the company’s values of quality and investment in people. The EOT delivers on that, whilst allowing a path to an eventual exit for the vendors.”
“Everyone at Consilium is delighted to have supported our client in the transfer to employee ownership. We are advising more and more companies on this type of Buy-Out as owners start to see the tangible benefits of employee ownership.”
An important step in the history of a 136-year-old business
Lorna Gourlay, Finance Director of Martin Precision said: “The support and advice received from Consilium has been superb throughout this transaction. John Blair talked us through all the options which helped our decision-making processes immensely.”
“When it became obvious that the EOT was the right route for us, John took the time to talk us through how it would work. The transaction was executed efficiently, and John’s guidance ensured minimal distraction to our day-to-day operation. I can’t speak highly enough of John’s assistance in working with us on this very important step in the company’s history.”
Consilium Chartered Accountants have extensive experience advising business owners on exit planning, succession planning and business disposals. Our clients are entrepreneurs and owner-managers, leaving us ideally placed to advise on the best options for your business. We are also a leader in business advisory services to businesses transferring to Employee Ownership.