Printer Caledonian International, a former division of publishers Harper Collins, has just completed a deal which will result in employees owning a 20% stake in the business, writes Harry Conroy.

All 300 employees of the company - which was taken over by managing director Chris Hardie in 1996 - will benefit from the stakeholding.

''Under the Inland Revenue rules, the shares will be held in a trust for three years before being given to the employees under their own names,'' explained Hardie.

''Any new employee taken on by Caledonian International will be asked to join the scheme, and as staff leave we would expect them to sell their shares back to the trust.''

Hardie did not rule out offering a larger stake to employees in the future. He bought the business when the firm was making a loss and Harper Collins decided to divest its printing interests to concentrate on book publishing.

Since the takeover, turnover at Bishopbriggs-based Caledonian International - located just half-a-mile from Harper Collins distribution centre - has increased from around #16m to #19m.

The company continues to manufacture on behalf of Harper Collins, which represents around 50% of its activities.

However, Hardie hopes to grow the business rapidly in all product areas and in particular to expand export markets.