By Ian McConnell
A SCOTTISH plant-hire company with 29 staff has moved into employee ownership, with founder and managing director David Johnstone opting for this route to secure the firm’s future and realise his goal of retiring at 55.
Your Equipment Solutions (Y.E.S), based in Falkirk, was founded in 2012 by Mr Johnstone, formerly a senior director of HSS Hire. He is 52 and intends to “slowly start to reduce his working hours” at Y.E.S over the next three years. The majority of the plant and tool-hire company’s shares have now been placed in an employee ownership trust (EOT).
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A large proportion of Y.E.S’s turnover comes from the construction sector, with the firm also serving the do-it-yourself, petrochemical and utilities markets.
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Mr Johnstone said: “I’ve always had the view that if the company does well, the staff should do well too. I’m confident that the more-than-capable team are going to continue the business’s constant commitment to quality products and services, as well as its strong values in charity and local community, which is something that wouldn’t have been guaranteed should I have sold the firm.”
Y.E.S's accountant, Motherwell-based Turner Accountancy, introduced the idea of a sale to an EOT to Mr Johnstone. Turner Accountancy director Damian Turner said: “David has built something quite unusual and very special at Your Equipment Solutions. The EOT is a good fit and will protect that unique culture and provide continuity for both employees and customers.”
Employee ownership expert Ownership Associates also advised on the transaction.
Carole Leslie, director at Ownership Associates, said: “There was a real sense of family and community at Y.E.S and it was an absolute pleasure to assist David in handing over control to his loyal staff. The move has allowed David to smoothly exit the business while ensuring its longevity, values and job security aren’t impacted.”
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