Lindsays advises Scottish Gallery on its transition to employee ownership
Lindsays recently provided legal advice for Scotland’s oldest commercial gallery to be transferred into the ownership of its staff
Douglas Roberts, Director in corporate and commercial services at Lindsays, led the firm’s team, which included Scott Geekie, Senior Associate in Commercial Property, and Thomas Horton, Senior Solicitor in Property and Banking, providing legal advice for Scotland’s oldest commercial gallery to be transferred into the ownership of its staff.
The owners of the 177-year-old Scottish Gallery on Dundas Street in Edinburgh have transferred their stake into an employee ownership trust. The directors of the gallery were keen to find a succession solution that secured its future and to ensure the business remains in Scottish hands with continuity of ownership.
Lindsays assisted with all the legal aspects of this important transition for the Company and local economy and Douglas Roberts commented: “It was a pleasure to assist with legal aspects of the transition of the Scottish Gallery to employee ownership. I was first contacted by Innes Chalmers, the Finance Director at the Gallery, and it was apparent from the outset that this deal was unique given the history and prestige of the Gallery, together with the number of shareholders. We worked closely with Innes, Guy Peploe, Gallery Director, and Chairman, Will Whitehorn, to bring the deal to a successful conclusion. It is also great to work on another employee ownership deal in Scotland as this sector continues to grow.”
There are around 110 employee-owned companies operating in Scotland, with approximately 7,500 employee-owners generating a combined turnover of around £950million.
Carole Leslie and Alistair Gibb of Ownership Associates also advised on the transition, which was supported by Co-operative Development Scotland, the arm of Scottish Enterprise which supports business growth by promoting collaborative and employee ownership models.
If you would like more information on employee ownership structures as a succession or exit strategy, our experienced team would be happy to help so please do get in touch with Douglas Roberts.