The Executive Shaving Company has become the latest firm in Scotland to embrace employee ownership, with all staff taking a stake in the business.
The Glasgow-based online retailer of men’s wet shaving and grooming items conducted a feasibility study funded by Co-operative Development Scotland (CDS), allowing its leadership to make an informed decision on whether to make the move.
Once the company had decided to proceed, its transition was project-managed by 4-consulting, with legal services from Lindsays and financial inputs from Jenkins Dunbar.
The move comes just weeks after new census data revealed there were 195 employee-owned businesses in Scotland at the end of the 2021/22 financial year – with the Executive Shaving Company plus other recent transitions now bringing that total to just over 200.
The census was commissioned by CDS, which is part of Scottish Enterprise and the arm of Scotland’s enterprise agencies - Scottish Enterprise, Highlands and Islands Enterprise and South of Scotland Enterprise - that supports company growth through collaborative business models.
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.
“Our employees were immediately on board and are really proud to now be part of a 100% employee-owned company.”
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.
“As we continue to work towards the Scottish Government target of having 500 employee-owned businesses 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.”
Scotland is the third largest growth region in the UK for employee-owned businesses, with the sector here increasing by 13% since June 2020.
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