Ladybank-based engineering firm, GS Brown Limited, has safeguarded its future by moving into employee ownership.
In a move that secures the business in its Fife location, owners Des and Mike Brown transferred the majority of the company’s shareholding to a Trust for the benefit of the company’s 27 employees.
70 per cent of the shareholding will be held in an Employee Ownership Trust, with the family retaining 30 per cent, demonstrating the Brown family’s ongoing commitment to the business.
The move was part of the succession plans for the family owners. Managing Director, Des Brown plans to remain as Managing Director for the medium-term and, with Mike semi- retired, both brothers wanted the business to remain local.
Des Brown said: “The majority of our staff have been with us a very long time. We have our reputation and our customers because our staff do a very good job. By transferring to an Employee Trust, we have a long-term structure where we can continue as before and maintain our relationships with customers and suppliers.”
EQ Chartered Accountants LLP and Thorntons Law, each of which has offices in Fife, supported GS Brown Limited with this transaction, along with Ownership Associates.
Pamela Stevenson, Lead Officer, Fife Council Economic Development, commented: “This is super news - all employees will have a stake in the business and in its future success and sustainability. It is rewarding to see our business support services assist in this superb outcome.”