Selling out to staff: Why employee ownership is booming as another Scottish firm jumps onboard

A Scottish communication agency’s future now lies in the hands of its 20-odd staff after it became the latest business to switch to employee ownership.

Under the leadership of its founder and chief executive Andrew McCallum, Aspect’s revenue has grown by more than 250 per cent since recruiting its first employee in 2019. It now generates revenues in excess of £3 million. From the firm’s offices in the heart of Aberdeen and on Edinburgh’s Royal Mile, a team of 22 employees advises clients globally in “complex, issue-rich sectors” including the likes of energy, technology, life sciences and the natural economy.

All of the shares in the company have now been acquired by a new employee ownership trust on behalf of the firm’s staff. The move comes amid a recent boom in employee ownership. There are now more than 1,800 worker-owned businesses in the UK, boosted by the introduction of employee ownership trusts (EOTs) in 2014. Friday 21 June has been declared Employee Ownership Day.

Aspect celebrates employee ownership as growth continues.

Carole Leslie, employee ownership specialist at Ownership Associates UK, said: “I’m seeing more and more companies take the EOT route and have already completed more transactions in the first half of 2024 than I did in the whole of 2023. For many business owners, it’s an ideal way to realise value in their business while rewarding their staff by securing the company for the long-term future. It's great news for the economy, too.

“Research demonstrates that employee-owned firms outperform conventionally structured businesses on just about every metric - productivity, profitability, innovation, job satisfaction and customer retention.”

Aspect was advised by Blackadders LLP, Cactus Consultants, Ownership Associates UK and Reference Point Advisory. McCallum will remain as chief executive, with fellow board director Yvonne McCallum continuing to lead the firm’s finance, commercial and legal functions.

McCallum said: “The success of our business is built on the expertise, creativity and energy of our talented people. What we’ve achieved over the past five years would not have been possible without them and I’m very grateful for their continued support as I lead the firm into this exciting new chapter.

“We’re proud to have created an open, collaborative and supportive culture where people can develop and thrive. Becoming an employee-owned business empowers our team to actively shape Aspect’s future and share in its continued growth and success, now, and for many years to come.”

The Aspect EOT will be chaired by independent trustee June Boyle, a non-executive director and executive coach with a career spanning roles at BP, RBS, BT, Lloyds Banking Group and, most recently, Edinburgh Napier University.

She said: “In my experience, businesses with a progressive culture where employees are engaged and involved in the direction of the company deliver better performance. In my role as chair of the trust board I look forward to seeing Aspect go from strength-to-strength as an employee-owned business and I will work with my fellow trustees to make sure the company continues to develop and grow in the best interests of employees.”

Employee ownership: Why so many Scottish firms are now in the hands of their staff as key target comes into view