Lanark-based Martin Precision, which manufactures components for the aerospace, defence, and energy sectors, has moved into employee ownership.
In a move which safeguards the future of 49 skilled jobs, shareholders in the company have transferred their majority stake to an employee ownership trust.
Martin Precision was established in 1993 and is understood to be performing well after weathering the downturn in the aerospace sector during the pandemic.
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With a turnover of £5.2 million, it has run an apprenticeship scheme which was founded the year the firm was established and currently has six apprentices.
Founder William Martin said: “The business is performing well; it has survived and prospered despite Covid which brought the Aerospace Industry to its knees. This success is in no small part due to the commitment and skill of our employees, and it is fitting that they have a secure future.
“I will retain a small minority shareholding in the business and continue as managing director focusing on our growth strategy. Employee ownership will also benefit our customers who continue to believe in our ability to provide world-class product and I thank them for their support through the years.”
Neil Lawson, who began his career as an apprentice with Rolls Royce and is now operations director at Martin, said: “I’m delighted to see Martin Precision take such a bold and visionary step. What we have achieved over the years has been remarkable and it’s brilliant to think that the impressive Martin legacy will continue to thrive in the hands of local people.”
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Alan Muir, a newly appointed trustee, said: “I was taken aback when I first heard of the plans as it was unexpected. Now I understand more about how it will work, I feel very honoured that the shareholders have such confidence in the employees that they are entrusting us with the future of the business. It's up to us now to carry on the Martin family’s legacy and drive the business forward.”
Employee ownership specialist Carole Leslie, who advised on the deal, said: “Martin Precision is a company that recognises the importance of valuing their people and building strong customer relationships. Employee ownership will fit well, and I expect the business will continue to grow and prosper with employees enjoying their success for many years to come.”
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