PACIFIC Building, which is based in Hillington near Glasgow, has become the latest business in Scotland to move into employee hands.
Read more: Auchrannie resort on Arran moves into employee hands
The 45 staff members became joint owners of the firm after buying the business from shareholders led by managing director Brian Gallacher.
“I have been considering my business succession options for the past 18 months, and I have been keen to identify a mechanism that allows me to exit as a shareholder, while ensuring that our loyal staff are rewarded and continue to have job security,” said Mr Gallacher.
He added: “Research has shown that a combination of shared ownership and employee participation results in a business that is more engaged, innovative, productive and sustainable.”
Founded in 2005, Pacific provides construction and fit-out services for a customer list that includes big names such as the McDonald’s food giant, restaurant and bars business Mitchells & Butlers, and retailers Tesco and Scotmid. It had £22m turnover last year.
Read more: Glasgow builder gets boost from big name brands
The purchase of the firm by the trust will be funded from the profits the business makes. Details of the price were not disclosed.Mr Gallacher will remain in position.
TheAuchrannie resort and spa on the Isle of Arran made the transition into employee ownership in January when a deal was struck by the Johnston family to transfer shares to its 160 staff.
Read more: Scots firm becomes employee owned
Employees at the Priory Hotel in Beauly, near Inverness, acquired majority control of the business in December. The Coatbridge-based Chemco International specialist coatings business became employee-owned the same month.
There are around 100 employee-owned firms in Scotland.
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