Expert IT logs on to employee ownership
Wed, 04 Dec 2024 | BUSINESS SALE
Stirling-based Expert IT Solutions has logged on to employee ownership. The group will now be owned by its employees through an Employee Ownership Trust.
Expert IT Solutions was founded in 2002 by entrepreneurs Mark Lonnen and Gavin Glass. Sadly, Glass unexpectedly passed away in 2010. Graeme Emms joined Lonnen that same year and bought into the company in 2011.
The company has grown significantly and now provides a range of IT solutions to businesses large and small across the whole of Scotland. These include hardware and software support, CCTV and other security, network and infrastructure, hosting and anti-spam.
It has, according to its website, five employees.
Lonnen said: “Our journey hasn’t always been easy. For much of the time, it was just Graeme and me, pouring our hearts into meeting, every support commitment. I’ve been the engine driving us forward, and Graeme the boiler man, tirelessly stoking the fire.”
He added that the transition to an EOT marks a significant milestone in the company’s story.
“While the early years placed immense technical challenges on the small team, our growth has transformed the dynamic. Now, Expert IT is a robust team where responsibilities and expertise are shared equally, enabling the company to deliver exceptional service across its diverse customer base,” he said. “Traditionally, turning 21 is a “coming of age,” and although we are 22 years old the team sees this year as a fitting moment to acknowledge its transformation. We’ve moved from a company driven by one or two individuals to a team of committed, clever people who excel both individually and as a group.”
Two employees, Douglas Mackay and Michael Hastie, have been appointed to the board of the EOT.
Mackay said: “Transitioning to an EOT recognises that Expert IT is a team effort. It ensures that ownership and rewards are distributed equally among all employees, reflecting their collective contributions to the business’s success.”
The transaction was supported by Carole Leslie and Alan Watt of Stirling based specialists Ownership Associates. Legal advice was provided by Alastair Barclay of Kerr Stirling.
Barclay said: “We are seeing an increasing number of companies interested in following this route. A sale to an EOT provides security for the employees and continuity for customers, whilst allowing a tax effective means for business owners to realise their value in a company.”
Find out why more companies are choosing employee ownership trusts
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