Marine Products Scotland has transitioned to an employee ownership trust (EOT) to secure its long-term future and place the business in the hands of its employees.
Glasgow-based Marine Products Scotland supplies a range of salmon products to trade customers and retailers.
The move to an EOT is intended to ensure the firm’s independence and provide a clear succession solution. Under its new structure, shares in the organisation are held by a trust on behalf of employees, which will allow the existing leadership team to continue managing while staff benefit from future success.
Marine Products’ management team, including managing director Mary Bisset, will continue to lead day-to-day operations, while a board of trustees will act on behalf of employees as beneficiaries of the trust.
Law firm Jurit advised on the transaction, supporting the firm through the process of establishing the trust and completing ownership transfer.
Bisset said: “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 keeps the business independent, allows decisions to be made for the long-term, and recognises that our people are central to our success. The employees know this business best, and this structure puts them at the heart of safeguarding its future.”
Marcin Tokarczyk, operations manager at Marine Products, added: “What has always mattered to me is the people and the pride we take in what we do. Knowing the firm is now owned for the benefit of employees gives real reassurance about the future. It feels like a natural next chapter, protecting what has been built while giving the business the stability it needs to keep going for the long-term.”
Jeremy Glover, partner in the tax and incentives team at Jurit, said: “We were delighted to support Marine Products through the legal process required to establish the EOT and complete the transition. The structure ensures the business can continue to grow while keeping its culture, expertise and independence firmly intact. We helped guide the business through each stage of the process so the transition could be completed smoothly and with confidence.”
