By Karen Peattie

A FINANCIAL services firm based in Montrose claims to have “broken the mould” by becoming the first Scottish business in its sector to become entirely employee-owned.

All shares of Gill Financial have now been placed into an employee ownership trust (EOT), with all seven staff becoming direct beneficiaries of the partnership. The trust will take on full ownership immediately, securing the future of the company which looks after £100 million of assets for its clients.

The development is part of a strategy by founder Roy Gill, who launched the best with his wife, Lesley, in 2000 and has never previously contemplated selling the firm “despite receiving multiple emails most weeks from prospective buyers”. Mr Gill said: “An acquisition would have put so much at risk and I hated the thought of that. For a start I didn't want any of our staff's futures put into uncertainty, or for the culture to change so significantly they felt forced to leave.

“Likewise, we know we deliver great value for our clients across pensions, investment and mortgage advice. The brand has been built up through hard work – and that’s a precious thing.

“More often than not IFAs are swallowed up by consolidators, with customers seeing increased fees and staff adapting to new ways of working. We had to break the mould.”

All employees will benefit from a share of any profits and the Gills will remain with the business until the handover takes place over the next three to four years, with Mr Gill taking a less active role.

Gill Financial worked with Stirling-based Ownership Associates, a specialist consultancy that takes companies through each step of the journey towards employee ownership. The deal was supported by Lindsays Solicitors with accountancy guidance provided by MMG Archbold.