Glasgow-based salmon producer, Marine Products (Scotland) Ltd, has officially transitioned to an Employee Ownership Trust (EOT), marking a significant strategic move to secure the company’s long-term future and independence. This decision provides a definitive succession solution for the business, following detailed planning by the Mackenzie family after the passing of former owner Angus Mackenzie in 2018.
Marine Products (Scotland) Ltd, incorporated in 2002 and operating from Queenslie Park in Glasgow, specialises in supplying a diverse range of salmon products to established trade customers and retailers throughout the UK seafood market.
Under the new EOT structure, a trust now holds shares in the business on behalf of all employees. This arrangement ensures that while the company’s existing leadership team will continue to manage day-to-day operations, staff members will directly benefit from the firm’s future successes. Employee Ownership Trusts, a model introduced by the UK Government in 2014, have gained traction as an effective succession strategy, offering tax advantages for selling shareholders and potentially fostering greater employee engagement and productivity.
Mary Bisset, who has dedicated over 20 years to the company and served as managing director for the past eight, will remain in her leadership role. Bisset affirmed that this ownership transition is designed to safeguard the business’s long-term independence.
She stated: “This is a positive step for Marine Products. We wanted an ownership model that protects the legacy of the business while giving it the best possible platform for the future. Employee ownership does exactly that – it keeps the company independent, allows decisions to be made for the long term, and recognises that our people are central to our success. The employees know this business best, and this structure puts them at the heart of safeguarding its future.”
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London-headquartered law firm Jurit LLP provided advisory services to Marine Products (Scotland) Ltd for the establishment of the Employee Ownership Trust and the subsequent transfer of shares. Jurit LLP is recognised as a leader in the EOT sector, having advised on numerous similar transactions.
Marcin Tokarczyk, Operations Manager at Marine Products (Scotland) Ltd, who has been with the company for 16 years, underscored the positive impact on employees.
He commented: “I have been with Marine Products for 16 years, and what has always mattered to me is the people and the pride we take in what we do. Knowing the company is now owned for the benefit of employees gives real reassurance about the future. It feels like a natural next chapter – protecting what has been built while giving the business the stability it needs to keep going for the long term.”
