Third-generation Fife contractor with 90 staff is latest company to switch to employee ownership

“In planning for the future, it was important to us that the core values of the company remain.”

A Fife-based contractor has become the latest Scottish business to place its future in the hands of its workers, with almost 200 employee ownership trusts now trading north of the Border.

The workforce of about 90 staff at Cupar-based T&N Gilmartin will become part owners of the business, which was founded in 1956 by Tommie Gilmartin senior. T&N has remained within the Gilmartin family for three generations.

Under former managing director Tommy Gilmartin and fellow shareholder Pat Gilmartin, the company diversified and grew into a successful multi-disciplined contractor and a key employer in north-east Fife. Current shareholders Philip and Donna McElhinney acquired the company in 2016 having previously worked in the family business for many years.

Scott Mercer - estimating director; Peter Reilly - operations director; Donna McElhinney - finance director; Raymond Hope - construction director; Philip McElhinney - managing director.

Managing director Philip McElhinney said: “The success of our company is down to the hard work and dedication of our loyal workforce. We have been able to build upon the solid foundations established by previous generations of family and work colleagues to ensure the company continues to prosper in the long term.

“In planning for the future, it was important to us that the core values of the company remain. A sale to a third party was an option, however we felt it was not in the best interests of our workforce. The move to employee ownership secures the long-term future of the business and the employment it provides.”

Graham Cunning, head of corporate finance in Scotland with accountancy firm Azets, which has been managing the transfer to an employee ownership trust (EOT), said: “Azets are delighted to have worked with the shareholders of T&N Gilmartin to guide them towards employee ownership. It has been great working with Donna and Philip helping them bring their succession plan to fruition and supporting them take the next step for this great family business. We wish them, and all the employees all the best in continuing to grow the business from strength to strength.”

The Azets team included corporate finance executive Christine Rankin, corporate tax partner Katy Thomson and associate Angus Troop. Carole Leslie of ownership associates has provided specialist employee ownership support, with legal advice provided by TLT Solicitors.