United Auctions embraces employee ownership, enhancing stakeholder engagement and continuity.
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United Auctions: A pioneering move in livestock auctioneering
United Auctions (UA), a prominent player in the livestock auctioning sector in Scotland, has made a significant transition by becoming employee-owned. This strategic shift, which affects its operations across various marts in Stirling, Huntly, Lairg, Dalmally, Oban, and the islands of Tiree, Islay, and South Uist, marks a pioneering moment in the industry.
The company, headquartered at the Stirling Agricultural Centre, has employed 91 individuals as of 2023, all of whom will now have an indirect stake in the business through an Employee Ownership Trust (EOT).
Benefits of employee ownership for stakeholders
The establishment of the EOT is designed to empower employees, giving them a stronger voice in the company’s future.
UA emphasizes that this model not only ensures continuity for customers and key stakeholders but also preserves the company’s culture and the trusted relationships that staff have cultivated over the years. Unlike traditional buyouts or mergers, this transition keeps decision-making local, which is crucial for maintaining the company’s identity and values.
Leadership and management structure post-transition
Following the transition, UA’s boardroom team, which includes notable figures such as John Roberts, Donald Young, Christopher Sharp, David Brown, Richard Henderson, and Peter Wood, will continue to manage the business, albeit with evolving roles. John Roberts, now serving as executive chairman, stated, “By becoming employee-owned, we are reaffirming the future of United Auctions for our employees, while safeguarding the values that have made us a trusted name in livestock auctioneering.” This sentiment is echoed by joint managing directors Donald Young and Christopher Sharp, who assure customers that the same level of service and commitment will be upheld.
Support and collaboration for a successful transition
The transition to an employee ownership model has been facilitated with the assistance of HSBC Bank UK, along with the corporate finance team at Johnston Carmichael and law firms Burness Paull and Ledingham Chalmers. This collaborative effort underscores the importance of professional support in navigating such significant organizational changes. The EOT board, led by chairman George Purves, aims to preserve the independence of UA while empowering employees to drive the business forward, ensuring its continued success.
United Auctions’ legacy and future prospects
With a rich history spanning 165 years, United Auctions has established itself as a leader in the livestock auctioning industry, conducting both commercial and pedigree livestock auctions, including the renowned Stirling Bull Sales. The company serves over 18,000 customers across the UK and Ireland annually, generating a group turnover exceeding £246 million. As UA embarks on this new chapter, the commitment to maintaining high standards of service and fostering strong relationships with customers remains at the forefront of its mission.
