A Scottish strategic communications agency has moved into employee ownership.

Andrew McCallum, founder and chief executive of Aberdeen-based Aspect, declared the move “creates a platform for the future” of the firm he established five years ago.

Aspect has expanded steadily since its first employee was recruited in 2019, with growth accelerating during the pandemic. It now turns over £3.1 million.

The company announced yesterday that 100% of its shares have been acquired by a new employee ownership trust (EOT), on behalf of its 22 employees.

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Mr McCallum will remain as chief executive of Aspect further to the deal, which was announced on Employee Ownership Day (June 21), with Yvonne McCallum continuing to lead the firm’s finance, commercial, and legal functions. The duo will work closely with the leadership team, digital director Ewan Duthie, marketing director Jenny Adams, communication director Leona Minellas, and public affairs and stakeholder engagement director Peter Smyth.

Aspect, which added to its Aberdeen by opening on Edinburgh’s Royal Mile in November, advises clients in sectors such as energy, infrastructure, technology, life sciences, and the natural economy.

Mr McCallum said: “The success of our business is built on the expertise, creativity and energy of our talented people. What we’ve achieved over the past five years would not have been possible without them and I’m very grateful for their continued support as I lead the firm into this exciting new chapter.

“We’re proud to have created an open, collaborative and supportive culture where people can develop and thrive. Becoming an employee-owned business empowers our team to actively shape Aspect’s future and share in its continued growth and success, now, and for many years to come.

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“From repositioning brands for the net-zero future and shaping the policy landscape to unlock sustainable growth, to helping organisations define their purpose and vision and delivering integrated communication, marketing, digital and public affairs strategies – our work has impact and consequence.

“I believe this unique combination of employee ownership, inclusive culture, and purpose-led work for our ambitious clients creates a platform for the future.”

The Aspect EOT will be chaired by independent trustee June Boyle, whose career has included roles with BP, Royal Bank of Scotland, Lloyds Banking Group, and Edinburgh Napier University. Ms Adams has been appointed employee trustee, and Mr McCallum is founder trustee.

Ms Boyle said: “Aspect is an excellent business with a strong team and impressive client portfolio in the UK and internationally. In my experience, businesses with a progressive culture where employees are engaged and involved in the direction of the company deliver better performance.

“In my role as chair of the trust board I look forward to seeing Aspect go from strength-to-strength as an employee-owned business and I will work with my fellow trustees to make sure the company continues to develop and grow in the best interests of employees.” 

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Aspect is the latest in a series of firms in Scotland which have moved into employee ownership this year. Scottish Enterprise announced a new target last month to increase the number of employee owned firms in Scotland to 500 by 2023. There are currently nearly 300.

Carole Leslie, ownership specialist at Ownership Associates UK, which advised Aspect on the deal, said: "I'm seeing more and more companies take the EOT route and have already completed more transactions in the first half of 2024 than I did in the whole of 2023. For many business owners, it's an ideal way to realise value in their business whilst rewarding their staff by securing the company for the long-term future. It's great news for the economy, too.

“Research demonstrates that employee-owned firms outperform conventionally structured businesses on just about every metric - productivity, profitability, innovation, job satisfaction and customer retention."

Tom Arthur MSP, Minister for Employment and Investment, said: “It’s good to see Aspect joining the growing list of companies recognising that employee-ownership is positive for business as we progress towards the Scottish Government’s target of 500 employee-owned businesses by 2030.

“This year’s Employee-Owned Business census showed a 113% increase in turnover for businesses owned by their employees compared to 2022, representing a huge boost of £752 million for Scotland’s economy.”

James de le Vingne, chief executive of the Employee Ownership Association, said: “It’s great to welcome Aspect to a growing sector that is proudly employee owned. What a great way to mark EO Day. I’m always excited to see Scottish businesses transition to employee ownership, helping fulfil the country’s ambitious targets to grow the inclusive and democratic impact of its economy.

“I look forward to seeing Aspect deliver greater levels of involvement and representation for its employees, and the benefits it’ll bring to its local community.”