LANARK-based precision engineering firm, Martin Precision Ltd, has moved to employee
ownership in order to secure the company’s future in its local area. The company
shareholders sold their majority shareholding to an Employee Ownership Trust (EOT).
Established in 1993 by William Martin the company has a global reputation for the
manufacture and supply of component parts to the Aerospace, Defence and Energy sectors.
Today, the company has a turnover of £5.2M with 49 skilled employees, the vast majority of
whom live locally. The apprenticeship scheme which began in 1993 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.”
Lorna Gourlay, Financial Director, is a keen advocate of the employee ownership structure.
“I knew the EOT would be a good fit for who we are and what we want to achieve as a
business. We have a fantastic team of people at Martin Precision and are proud of our
reputation for quality and delivery. One of our key pillars is our commitment to developing
local talent. This commitment will be reinforced now we’re employee-owned. Our future is
secure for the long term, and we can only go from strength to strength.”
Neil Lawson started his career as an apprentice with Rolls Royce and is now the company’s
Operations Director. He says, “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.”
Newly appointed Employee Trustee, Alan Muir 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.”
John Blair, of Consilium the company’s accountants, has been instrumental in the process.
He says, “This is a great Scottish business with an international presence. A key priority of
the shareholders was to ensure the company remained rooted locally and upheld the
company’s values of quality and investment in people. The EOT delivers on that, whilst
allowing a path to an eventual exit for the vendors.”
Legal support was provided by Bellwether Green. Head of Corporate, April Bingham, says,
““It was a privilege to work with Martin Precision on their move to employee ownership.
We are seeing an increasing number of business owners considering the EOT as part of their
succession strategy. A sale to an EOT provides continuity for the employees and
customers”.
Employee ownership specialist, Carole Leslie advised on the transaction. “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.”
