United Auctions moves into employee ownership – Daily Business

Stirling-based livestock auctioneers United Auctions has entered a new era by becoming employee-owned.

The company says the transition to an Employee Ownership Trust (EOT) will ensure its long-term success while reinforcing its commitment to staff by ensuring all employees have an indirect stake in the business and a stronger voice in its future.

It also provides continuity for customers and key stakeholders.

The transition of United Auctions, which operates a network of auction markets across Scotland, to an EOT structure was completed on Wednesday 2 April, with full implementation of the Employee Ownership Trust structure.

The board of directors, comprising John Roberts, Donald Young, Christopher Sharp, David Brown, Richard Henderson and Peter Wood, will continue to manage the business as usual, albeit in evolving roles.

John Roberts, now executive chairman of United Auctions, said: “By becoming employee-owned, we are reaffirming the future of United Auctions for our employees while safeguarding the values that have made us a trusted name in livestock auctioneering.”

Donald Young who is now joint managing director of United Auctions alongside Christopher Sharp, said: “As we move forward as an employee-owned business, customers and farmers can rely on the same level of service and commitment that our staff have upheld for years.”

The new Trustee Board comprises George Purves as chairman, David Brown as employee trustee director and independent trustee director Jane Johnston.

The transaction was completed with the assistance of HSBC Bank UK plc, Johnston Carmichael’s corporate finance team, Burness Paull LLP, TLT LLP and Ledingham Chalmers Solicitors.