Staff net stake in salmon producer

A Glasgow-based seafood producer has secured its long-term future after transitioning to employee ownership as part of a succession strategy.

Marine Products (Scotland) Ltd has moved to an Employee Ownership Trust (EOT), placing the business into the hands of its workforce while ensuring continuity in leadership and operations.

London law firm Jurit LLP advised on the transaction, supporting the company through the establishment of the trust and completion of the ownership transfer.

Jeremy Glover, partner in the tax and incentives team at Jurit, who advised on the deal, said: “We were delighted to support Marine Products through the legal process required to establish the EOT and complete the transition. 

“The structure ensures the company can continue to grow while keeping its culture, expertise and independence firmly intact.

“Employee ownership is increasingly recognised as an effective succession solution for owner-managed businesses. 

“It allows founders or shareholders to step back while protecting the legacy of the company and empowering the people who have helped build it.”

Derek Ellery, consultant solicitor at Jurit, added: “Working closely with the company and its advisers, we helped guide the business through each stage of the process so the transition could be completed smoothly and with confidence.”

The salmon supplier, which provides products to trade customers and retailers, pursued the move following succession planning by the Mackenzie family after the passing of former owner Angus Mackenzie in 2018.

Under the new structure, company shares are held in trust on behalf of employees, enabling staff to benefit from the business’s future performance.

Managing director Mary Bisset, who has worked at the company for more than 20 years and led it for eight, will continue to oversee day-to-day operations alongside the existing management team.

She added: “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.”

Marcin Tokarczyk, operations manager at Marine Products, added: “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.”

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