THE owner of a vintage car restoration business based at Alyth in Perthshire has begun selling the firm to its staff.
Managing director Charles Palmer, who set up Classic Restorations in 1983, has sold a 25 per cent stake in the company to an employee benefit trust, which has agreed to buy the remaining shares over the next five years to allow Palmer to retire.
Classic Restorations turns over about £1.1 million a year and employees 18 staff at its premises in a former jute mill.
Palmer said: “I’ve received plenty of offers to sell the business but employee ownership was always going to be the right choice. It is the perfect succession solution for me as I am able to retain a role in the company during the transition period leading up to my retirement.
“We have employed skilled local tradesmen and trained many apprentices to keep these skills alive. We have a responsibility to safeguard the future of our workforce.”
Classic Restorations was advised by Co-operative Development Scotland, Scottish Enterprise’s employee ownership arm.