United Auctions (UA), the business running Scottish mainland marts in Stirling, Huntly, Lairg, Dalmally, and Oban, and others on Tiree, Islay and South Uist, is now employee-owned.
The firm has its headquarters at Stirling Agricultural Centre.
Its most recent full-year accounts show it employed 91 people in 2023.
Setting up an employee ownership trust (EOT) gives these workers an indirect stake in the business.
They will also have a stronger voice in its future, UA said.
United Auctions says move to employee ownership means ‘continuity’
The group added: “It also provides continuity for customers and key stakeholders.
“Unlike traditional buyouts or mergers, this transition keeps decision-making local, preserves the company’s culture and strengthens the trusted relationships staff have built with customers.”
The move is thought to be the first of its kind for a livestock auctioneer.
UA’s boardroom team – comprising John Roberts, Donald Young, Christopher Sharp, David Brown, Richard Henderson and Peter Wood – will continue to manage the business, albeit in evolving roles.
Mr Roberts, now executive chairman, said: “By becoming employee-owned we are reaffirming the future of United Auctions for our employees, while safeguarding the values that have made us a trusted name in livestock auctioneering.”
United Auctions now led led by two joint managing directors working alongside new executive chairman
Mr Young is now joint managing director, sharing the role with Mr Sharp.
“Customers and farmers can rely on the same level of service and commitment that our staff have upheld for years,” Mr Young said.
The EOT board includes George Purves as chairman, Mr Brown as employee trustee director and independent trustee director Jane Johnston.
Mr Purves is stepping down from operational duties at UA in order to focus on his new role.
The trust’s chairman said: “This new model preserves independence and empowers employees with a tremendous opportunity to drive the business forward and ensure its continued success.”
Mr Purves, Mr Roberts, Mr Sharp and Mr Young were all part of a management buyout of the business, for an undisclosed sum, in 2017.
The transition to an employee ownership model has been completed with the help of HSBC Bank UK, the corporate finance team at Aberdeen-headquartered accountancy firm Johnston Carmichael, and law firms Burness Paull and Ledingham Chalmers.
UA conducts auctions of both commercial and pedigree livestock. These include the world-famous Stirling Bull Sales.
The company deals with more than 18,000 customers across the UK and Ireland every year.
Group turnover is more than £246 million annually and in 2023 UA celebrated its 165th year.
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