HIGHLAND Fuels, the long-established fuel distributor, has become the latest company in Scotland to move into employee ownership.
The 65-year-old business, which has 11 depots, 16 petrol stations and a fleet of more than 45 road tankers, has transferred the majority of its shares into the hands of its 250-plus employees.
The transfer of shares into an employee ownership trust comes after chairman and owner George Shand and his fellow directors had sought to find a business model which preserved the company's “rich heritage” while ensuring continuity of operations and employment for the long-term.
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Mr Shand previously led a management buyout of Inverness-based Highland Fuels in 2001, with that deal having been designed to ensure the company remained in local hands.
He said: “We’re proud of being different. We’re a Highland-based company with a very wide reach. We live our values.”
Established in 1957, Highland Fuels delivers fuel to domestic and commercial customers across Scotland, including the Northern Isles and Western Isles. Bulk fuel is delivered from its network of depots across Scotland, while the company also operates a network of service stations around the country, from Orkney to Ayrshire.
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Managing director Stephen Rhodes said: “Employee ownership is perfect for us. It truly enables every single employee to benefit from the company’s advancement and provides the right platform for us to realise a positive culture, high engagement, and great performances as we progress to the future.”
There are now more than 1,400 employee-owned companies in the UK, including 170 in Scotland, with the model steadily growing in popularity among owners looking for a succession plan. Highland Fuels is one of the largest firms to have made the move.
Carole Leslie of Ownership Associates, which advised on the deal along with law firm Burness Paull, said: "This move demonstrates tremendous vision on the part of George Shand as the company’s owner and the board of directors. Together they have created a very special business with a people centred culture. The sale to an EOT (employee ownership trust) preserves that and protects the employment of the company’s workforce.
"Highland Fuels plays an important role in the Scottish economy. Employee ownership reinforces the company’s commitment to its workforce and the communities it serves"
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