Martin Precision Ltd employees in Lanark buy the company
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The company shareholders sold their majority shareholding to an Employee Ownership Trust (EOT).
Established in 1993 by William Martin, the company has a global reputation for the manufacture and supply of component parts to the aerospace, defence and energy sectors.
Today, the company has a turnover of £5.2 million with 49 skilled employees, the vast majority of whom live locally. The apprenticeship scheme which began in 1993 currently has six apprentices.
Founder William Martin said: “The business is performing well; it has survived and prospered, despite Covid which brought the aerospace industry to its knees.
“This success is in no small part due to the commitment and skill of our employees and it is fitting that they have a secure future. I will retain a small minority shareholding in the business and continue as managing director, focusing on our growth strategy.”
Lorna Gourlay, financial director, is a keen advocate of the employee ownership structure.
She said: “I knew the EOT would be a good fit for who we are and what we want to achieve as a business. We have a fantastic team of people and are proud of our reputation for quality and delivery.
“One of our key pillars is our commitment to developing local talent. This commitment will be reinforced now we’re employee-owned. Our future is secure for the long term and we can only go from strength to strength.”
Neil Lawson started his career as an apprentice with Rolls Royce and is now the company’s operations director. He added: “I’m delighted to see Martin Precision take such a bold and visionary step. What we have achieved over the years has been remarkable and it’s brilliant to think that the impressive Martin legacy will continue to thrive in the hands of local people.”
Alan Muir, newly appointed employee trustee, said: “I feel very honoured that the shareholders have such confidence in the employees that they are entrusting us with the future of the business. It’s up to us now to carry on the Martin family’s legacy and drive the business forward.”