Accord Energy, a hydrocarbon accountancy consultancy in Aberdeen, is the first company in Scotland to be founded as an employee-owned business.

1. Accord Energy Solutions
Accord Energy, a hydrocarbon accounting consultancy, is the first
company in Scotland to be founded as an employee-owned business.
Established in 2010, at a time when the Aberdeen oil market was
booming, they chose a model that would aid staff retention, knowing it
would give them an edge over competitors. Since then the company has
enjoyed outstanding success and surpassed the ambitious growth targets
set by the founders at the outset.
EMPLOYEE OWNERSHIP IN ACTION

2. Co-operative Development Scotland is the arm of Scottish
Enterprise working in partnership with Highlands and
Islands Enterprise that supports company growth through
collaborative and employee ownership business models.
For more information or advice on employee ownership,
email info@cdscotland.co.uk or call us on 0141 951 3055.
Follow us on Twitter @cdscotland
Co-operative
Development Scotland
27 Causeyside Street
Paisley PA1 1UL
www.cdscotland.co.uk
Scottish Enterprise
Atrium Court
50 Waterloo Street
Glasgow G2 6HQ
www.scottish-enterprise.com
Alan Spence, Accord Energy Solutions
SE/XXXX/Mar15
Accord Energy
Solutions Ltd
41 Queen’s Lane South
Aberdeen
Scotland AB15 4BF
Tel: +44 1224 914 015
Fax: +44 1224 379 392
Email: enquiries@
accord-esl.com
MAIN BUSINESS
Hydrocarbon
Accounting
ANNUAL
TURNOVER
£6.04million
NUMBER OF
EMPLOYEES
34
“Attracting and retaining skilled staff in the fiercely competitive
global industry can be challenging. Employee ownership has
enabled us to meet that challenge.”
THE CHALLENGE
Establishing a new consultancy in Aberdeen
meant competing in the city’s highly competitive
jobs market. Founders Alan Spence, James
Arthur and Phil Stockton knew they had to
overcome this, while also seeking a model that
would enable fast growth and flexibility.
THE SOLUTION
Following a meeting with Co-operative
Development Scotland (CDS), it was decided
employee ownership was the best option to
meet their business goals. Not only did this
allow the company to grow quickly to meet client
demand, but the founders felt the opportunity
to participate financially in the success of the
business would prove a huge draw to the most
talented people working in the sector. CDS
provided a free initial feasibility study, and also
subsidised the costs of implementation of the
proposed business structure.
DEAL STRUCTURE
AND OWNERSHIP
An Employee Benefit Trust (EBT) was established
to hold shares in the company on behalf of
employees, along with a Share Incentive Plan
(SIP) which allows employees to invest as
individuals. The long-term goal is for employees
to own 81% of the company – 51% via the EBT
and 30% via the SIP. Currently, the employees
own 33%, with just under half of those shares
held in the EBT. The founders, who hold the
remaining shares, are gradually transferring
these to the EBT. A ‘Golden Share’ gives EBT
trustees a casting vote and may prevent events
such as a takeover or sale of the company.
GOVERNANCE
AND EMPLOYEE ENGAGEMENT
In addition to the founders, there are two
employee-nominated directors who sit on the
board. The EBT is managed by one founder
director, two employee trustees nominated by
their peers and two external trustees. Employees
are consulted on all major business decisions
before a vote is taken by the board. They receive
an annual bonus linked to the company’s
performance, which in July 2014 was equivalent
to 13% of their annual salaries.
THE IMPACT
The company has enjoyed steady but rapid
growth since 2010. In just over four trading years,
Accord’s annual turnover reached £6.04m, more
than £1m ahead of their five-year target. Profit
sharing and strong employee engagement
have contributed to Accord’s high rate of staff
retention – more than 90% since it started
trading.