Staff take a cut in Glasgow shaving firm
A Glasgow-based firm which specialises in selling men’s shaving and grooming products has become the latest Scottish business to be owned by its employees.
The deal involving The Executive Shaving Company means there are now just over 200 employee-owned businesses in Scotland. The Scottish Government has set a target of having 500 such firms in Scotland by 2030.
Directors Brian and Shona Mulreany explored the employee ownership route after taking the decision to retire.
“We wanted to ensure that the business not only remained in Scotland, but also that the jobs of our loyal employees were protected,” explained Brian.
“We heard about employee ownership from a business contact and it seemed like a perfect fit for our company culture, as well as anchoring the company in its home city of Glasgow.”
Clare Alexander, head of Co-operative Development Scotland (CDS) which is part of Scottish Enterprise and worked with the owners on the deal, said: “It is fantastic to see companies such as The Executive Shaving Company making the move to employee ownership – a business model that not only creates better places to work, but punches well above its weight in terms of resilience, profitability, productivity and staff engagement.”
CDS funded a feasibility study, enabling company’s owners to make an informed decision on whether to move to employee ownership. Once the company had decided to proceed, its transition was project managed by 4-consulting, with legal services provided by Lindsays and financial support from Jenkins Dunbar.
Scotland is now the third largest growth region in the UK for employee-owned businesses, with the sector increasing by 13 per cent since June 2020.
Last week an Aberdeen firm that supplies major construction operators with windows and doors also completed its move to becoming an employee-owned business.
International Doors and Windows (IDAW), which was set up in 2006, is currently based at Mugiemoss Road in the city but is looking to expand and grow its main operation in the coming months to a bespoke facility nearby. The firm also operates in the Central Belt and in the north of England from offices in Cumbernauld.
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