A company which began life as a mobile disco provider but now does lighting installations for clients such as Gleneagles Hotel, the SSE Hydro, Arsenal Football Club and Edinburgh’s Royal Botanical Gardens is to become employee owned.
The 21 members of staff at Black Light, which designs, supplies and installs lighting and audio visual equipment, are to be given the opportunity to acquire its shares.
Gavin Stewart, who set up the Edinburgh business more than 30 years ago, said: “I was looking for an exit strategy that allowed the firm to continue to grow and flourish.
“A sale to the employees recognises the contribution and commitment Black Light’s staff has made to the company’s success.”
An employee ownership trust is buying the shares of the business from Mr Stewart.
The loan he is providing will finance the deal and is to be repayable over five years.
The staff can then invest in Black Light, which has a turnover of around £3 million.
Mr Stewart said he has been looking at the move to employee ownership for more than six months and would hope to formally complete the change in structure next year.
Graham Purvis, who joined Black Light in 2014 as general manager, said: “We’re grateful to Gavin for this opportunity and it is now up to us to forge our own future.”
The move to employee ownership is being managed by Carole Leslie of Ownership Associates with support from law firm MacRoberts and Co-operative Development Scotland.
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