CorporateMarine Products (Scotland) Ltd
Key Facts:
- Expert legal support on transition to Employee Ownership Trust (EOT).
- Delivered a sustainable ownership model to safeguard the future of the business.
- Recognised important contribution made by its employees.
- Enabled the business to continue independence with existing leadership team.
Summary
Jurit advised Marine Products (Scotland) Ltd on its transition to employee ownership through the establishment of an Employee Ownership Trust (EOT).
Based in Glasgow, Marine Products supplies a range of salmon products to longstanding commercial customers and retailers. Following careful succession planning, the company sought a long-term ownership solution that would protect its heritage, support future growth and place employees at the heart of the business.
Jurit was appointed to provide specialist legal advice on the implementation of an Employee Ownership Trust and guide the business through the transition process.
Challenge
Following the passing of former owner Angus Mackenzie and the decision of the Mackenzie family to step back from the business, Marine Products needed a succession solution that would provide stability and continuity for employees, customers and stakeholders.
The leadership team wanted to:
- Preserve the company’s independence and long-standing values
- Secure the future of the business for employees and customers
- Deliver a responsible succession strategy for the family shareholders
- Retain management continuity and operational stability
- Create a structure capable of supporting long-term growth
After considering a range of ownership options, employee ownership was identified as the best route forward. The business required specialist legal advice to structure and implement the transaction effectively.
How we helped
Jurit worked closely with the company’s leadership team and advisers to implement the Employee Ownership Trust structure and manage the ownership transition.
Our support included:
- Advising on the legal structure and implementation of the Employee Ownership Trust
- Establishing the trust arrangements required for employee ownership
- Managing the legal aspects of the ownership transfer
- Supporting the business through the transaction process from start to completion
- Advising on governance arrangements and trustee structures
- Ensuring the transition aligned with the company’s long-term succession and strategic objectives
Throughout the project, we provided practical, commercial legal advice to help the business navigate the legal and regulatory requirements associated with employee ownership.
Result
- Marine Products successfully transitioned to employee ownership, creating a sustainable ownership model that safeguards the future of the business while recognising the important contribution made by its employees.
- The Employee Ownership Trust provides a clear succession solution, removes uncertainty around future ownership and enables the business to continue operating independently with its existing leadership team in place.
- By becoming employee-owned, Marine Products has strengthened its long-term stability, protected its legacy and created a platform for future growth that benefits employees, customers and the wider business.
Testimonial
“This is a positive step for Marine Products. We wanted an ownership model that protects the legacy of the business while giving it the best possible platform for the future. Employee ownership does exactly that – it keeps the company independent, allows decisions to be made for the long term, and recognises that our people are central to our success.”
Mary Bisset - Managing Director, Marine Products (Scotland) Ltd.
