North-east couple Trevor and Marianne Mutch have sold 25% of their painting and decorating business in a multi-million-pound deal.
The pair have owned or co-owned R Davidson (Banchory) since 1996.
For the past few months they have been working on a deal to retain a 75% stake, while handing over control of the rest of their shareholding to five of the management team.
This 25% is now owned by Barrie Gammack, Gavin McCombie, Gregor Milne, Chris Nichol and Craig Gibson who together boast nearly 60 years’ service at the company.
The exact value of the deal was undisclosed.
Mr Mutch, 53, managing director, said the move “gives the opportunity to Barrie, Gavin, Gregor, Chris and Craig to work with me to strengthen the shareholder team”.
He added: “It is very much business as usual and that is the key message.
“Nothing changes in the day-to-day running of the company.
“We want this arrangement to show clients, suppliers and staff how committed we are to the future of the business, and to future generations of staff.”
No early retirement plans
The MD also said he had no plans for early retirement.
It is “an exciting time for us all to share in the growth and success of R Davidson (Banchory)”, he said, adding: “I have many people to thank for supporting me over the past decade or so.
“Now, the company is at a stage where it should not be reliant on one person or family.”
‘Great deal for all concerned’
The stake sale was officially sealed in the offices of accountants Hall Morrice in Aberdeen.
Hall Morrice manging partner Bob Bain said: “It is a great deal for all concerned.
“It is an exciting opportunity for the new shareholders to take the business forward, ensuring a bright future for everyone.”
“R Davidson is a great business, one which we have become very familiar with over the last 10 years.”
Mr Bain added: “I am delighted for Trevor and Marianne to see this reward for all their hard work, which they will be continuing, whilst also driving the business forward into this exciting new era.”
R Davidson (Banchory) has its headquarters in Banchory Business Centre.
The firm has worked on many prestigious developments over the years.
These include a £350,000 job as part of a major renovation of Marischal College in Aberdeen.
The company currently employs more than 100 people, and has long term projects in Moray, Aberdeen city and shire, and on Tayside, in commercial and domestic markets.
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