COATBRIDGE specialist coatings company Chemco International, which has 24 staff, has become 100 per cent employee-owned.

Chemco, founded in 1990 by Manny Khorasani, traces its origins back to the Original Glassflake Company.

Mr Khorasani said: “said: “Around 18 months ago I started thinking about taking a back seat in the business. We are almost an institution in the area, having been here for almost 40 years. That’s why it was really important to me that the company not only stayed within the local community, but that the jobs and the skills of the staff, who all live locally, were retained and protected."

He added: "I looked at a number of different options, including selling the business, but my concern was that, due to the nature of the business, a trade buyer would most likely relocate the company.

"None of the options I explored delivered the business continuity I wanted for our customers and employees and this is when the employee ownership became an attractive option."

An employee ownership trust has been formed which will hold 100% of the shares on behalf of the employees.

Co-operative Development Scotland, the arm of Scotland’s enterprise agencies which promotes employee ownership, supported the transition by Chemco.

Sarah Deas, director at CDS, said: “Chemco International is a company which has a sense of responsibility to the local community at its heart – that’s why Manny’s key priorities were to safeguard the future of the company and to ensure that local jobs and skills were retained.

"Moving to employee ownership has delivered on this, whilst giving staff a stake in the company and a say in its future.”