A Falkirk-based equipment hire company has made the move to employee ownership.
Your Equipment Solutions (YES) has secured the future of 29 jobs by placing the majority of the shares into an Employee Ownership Trust (EOT).
Founder and managing director David Johnstone was a senior director at HSS Hire before using his expertise to start the business in 2012. Recently opening a second site in Dundee, the company provides tool and plant equipment for hire, into a variety of markets, with construction a large proportion of its turnover.
Looking to secure the future of the firm while fulfilling his goal of retiring at age 55, he made the decision to hand over the reins to his staff. He will slowly start to reduce his working hours over the next three years.
Fellow directors Lisa, Alex and Eddie are similar ages to David and share his thoughts on the future of the business.
Some members of the YES team are his wife Lisa, son Ryan, daughter Danielle and brother Alex and.
“As clichéd as it sounds, we are one big family at YES and when looking into my succession plan, employee ownership was the perfect option,“ Johnstone commented. “I’ve always had the view that if the company does well, the staff should do well too – and this is just one of the ways I can repay their hard work.”
To mark the company’s move to employee ownership, and to reward the YES team for their loyal service over the years, the company is paying a special bonus of £1,000 to each employee.
Motherwell-based Turner Accountancy introduced the idea of selling up to an EOT. Director Damian Turner said: “David has built something quite unusual and very special at YES - the EOT is a good fit and will protect that unique culture and provide continuity for both employees and customers.”
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