Personal insolvency firm Harper McDermott has transferred to employee ownership.
The Glasgow-based company trades as Trust Deed Scotland and was founded by Mark Sommerville and Jon Paul Kelly.
Currently managing debt solutions for over 9,000 customers, with £234m of debts under management, its team of around 70 people have now all become part-owners of the business.
Managing director Thomas Fox explained: “Employee ownership provides many benefits; from existing staff retention through to attracting the best talent, it gives our team job security and brings us closer together as one team all working towards similar goals.”
Neil McInnes, partner and head of corporate finance in Scotland at Grant Thornton, said: “We have been working with the business to help them consider the range of strategic options open to them.
“Ultimately the best option for all stakeholders was to move to employee ownership via an Employee Ownership Trust, which gives the entire team a stake in its future success and provides a great incentive for staff loyalty.
“For exiting shareholders it can be an attractive alternative to the more traditional trade sale or private equity process, and allows the business to continue to thrive in the safe hands of the incumbent team.”
Grant Thornton was assisted in the transaction by Akshay Sharma and the firm’s dedicated employee-ownership team led by Monique Beaulieu and supported by Ollie Dewdney and Amarveer Johal.
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