A Morayshire fuel supply firm has been bought out by the daughter of its founder in a multi-million pound deal.
Jane Scott and her husband Stephen, who already own half of Gleaner Oils, have bought the remaining 50% stake in the Elgin business from her uncle, Brian Young.
Mr Young put his stake in the fuel supplier, which has nine forecourts and supplies 62 petrol stations in the north, up for sale in 2012 in order to retire.
Ms Scott pledged to expand the business and “honour the legacy” of her father, Evan Young, whose stake she inherited on his tragic sudden death from a heart attack in 2010. Evan and Brian’s father founded the business in 1954 and now employs 180 staff.
Mr Scott told the Press and Journal that the family had only recently taken the decision take over full ownership of Gleaner, which they considered to be the best option for the firm’s employees and pensioners that emerged from the two year sale process.
Mr Scott said: “We decided we were more comfortable with continuing the family legacy ourselves.
“It was a fairly recent decision. The sale process went on for quite a while.
“Whether it is the best option for us we will wait and see. But it is the best option for the employees and pensioners of the business. We’ve known the people for so long we thought it was appropriate.”
The firm’s management is currently developing a three year plan to expand the business organically – and possibly by acquisition – aiming to move into the south of Scotland and north of England. The firm’s petrol stations are currently based in Mull in the west to Cowdenbeath in the east, Aberdeen and Skiach in the north-east
The expansion includes plans to recruit around 20 additional staff, the company said. Turnover reached £125 million in its most recent financial year.
Ms Scott said: “We have enjoyed consistent growth over the years and, strategically, are very well placed to take advantage of new opportunities. We supply a wide range of products across different markets – including agricultural, domestic, industrial, marine, petrol and LPG – and have around 16,000 regular business customers.
“The principal focus of Stephen and I is to safeguard and enhance the future of the company, and, with appropriate help from Managing Director David Todd, to recognise the significant input of the company’s many longstanding employees.
“Stephen and I are absolutely determined to honour the legacy of my father, Evan, who – along with Brian – did so much to develop the company, to the benefit of so many people.”
Outgoing Chairman Billy Laing, who has been with the company since 1961, said: “We are in a very strong financial position and the company is ready to grow and enter new markets in the south of Scotland and the north of England, which is one of the many plans which the new generation, in the form of Jane and Stephen, have in mind”.
Mr Young said: “I have enjoyed working with Jane over the past few years and, with Stephen joining the company, and the skills which he brings, I look forward to the company continuing to flourish and grow under the next generation”.