AN ONLINE retailer of men’s grooming items has joined the growing number of employee-owned businesses in Scotland.
The Executive Shaving Company, based in Glasgow, say they will “embrace” employee ownership, with all staff taking a stake in the company.
New census data released just a few weeks ago found that there were over 195 employee-owned business in Scotland at the end of the 2021/22 finacial year.
These figures have prompted others to join the ranks, including the sellers of wet shaving and grooming products for men in Glasgow.
The total number of employee-owned business now stands at over 200.
Scottish Enterprise have been a key driver behind the movement, as they seek to support company growth through collaborative methods.
They commissioned the census regarding employee-owned business in Scotland through Co-operative Development Scotland (CDS).
Brian Mulreany, Director of The Executive Shaving Company, said: “My fellow director Shona and I were retiring and wanted to ensure that the business not only remained in Scotland, but also that the jobs of our loyal employees were protected.
“We heard about employee ownership from a business contact and it seemed like a perfect fit for our company culture, as well as anchoring the company in its home city of Glasgow.
“CDS were a great help throughout the whole process – from assessing the feasibility of an employee buyout to the actual transition.
“Our employees were immediately on board and are really proud to now be part of a 100% employee-owned company. I’m sure their new stake in the business will inspire lots of future innovation and ensure the company continues to grow and thrive.”
Advocates of the model says that it gives employees a meaningful stake in their organisation and a genuine voice in how it is run.
Meanwhile, sceptics believe that the financial risk involved if the model goes wrong is too big.
Clare Alexander, Head of CDS, added: “More and more Scottish businesses are transitioning to employee ownership and we’re proud to support them on that journey.
“We understand the importance of inclusive business models like EOBs and Co-ops in terms of creating a wellbeing economy where fair work, a values-driven approach and strong community links are every bit as important as profits.
“As we continue to work towards the Scottish Government target of having 500 EOBs in Scotland by 2030, it is fantastic to see companies such as The Executive Shaving Company making the move to employee ownership – a business model that not only creates better places to work, but punches well above its weight in terms of resilience, profitability, productivity and staff engagement.”
The number of employee-owned business in Scotland has risen by 13% since June 2020.
