Jurit law firm has advised Marine Products (Scotland) Ltd on its transition to an Employee Ownership Trust (EOT), securing the long-term future of the Glasgow-based salmon producer, and placing the business in the hands of its employees.
Marine Products (Scotland) Ltd supplies a range of salmon products to long-standing trade customers and retailers.
The move to an EOT ensures the company’s independence and provides a clear succession solution following careful planning by the Mackenzie family after the passing of former owner Angus Mackenzie in 2018.
Lawyers from Jurit LLP advised on the transaction, supporting the company through the process of establishing the trust and completing the transfer of ownership.
Under the new structure, shares in the business are held by a trust on behalf of employees, allowing the existing leadership team to continue managing the company while ensuring staff benefit from its future success.
Managing director, Mary Bisset, will continue to lead the business, having been with the company for more than 20 years, and has been MD for eight years.
She said: “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.”
Jeremy Glover, Partner in the Tax & Incentives team at Jurit, who advised on the deal and is a specialist in Employee Ownership Trusts, added:
“We were delighted to support Marine Products through the legal process required to establish the Employee Ownership Trust 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.”
According to Jurit, the deal reflects a growing trend among UK businesses considering employee ownership as a long-term succession strategy, particularly where maintaining stability, independence and workforce engagement are key priorities.
Jeremy added: “Transactions involving employee ownership trusts require careful structuring to ensure the trust is established correctly, governance arrangements are clear and the transaction meets the relevant legislative requirements.
Derek Ellery, consultant solicitor at Jurit specialising in corporate and M&A advice, 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.”
Marcin Tokarczyk (operations manager) concluded: “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.”
Marine Products’ management team will continue to lead the company’s day-to-day operations, while a board of trustees will act on behalf of employees as beneficiaries of the trust.