Inspired by major customer Waitrose, sustainable seafood firm Aquascot chose employee ownership to secure the future of the Highlands-based business. They have been employee-owned since 2008.

1. Aquascot
Highlands based sustainable seafood business Aquascot began
life in 1987 in what was then the new industry of salmon farming.
By 2000 the firm had grown significantly, having become a sophisticated
operation comprising fish farms and processing plants servicing an
international customer base. Substantial investment was required to
grow further, and the business was sold to a multinational food and
farming business.
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2. Dennis Overton, Founder and Managing Director
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.comSE/3981/Mar14
Aquascot Ltd
Fyrish Way
Alness
Ross-shire
Scotland IV17 0PJG
Tel: +44 1349 899800
Fax: +44 1349 899801
www.aquascot.com
MAIN BUSINESS
Providers of
sustainable
farmed seafood
ANNUAL
TURNOVER
£32m
NUMBER OF
EMPLOYEES
150
“Employee ownership allows us to focus on creating long term value
for our employees, our customers and our partners.”
THE CHALLENGE
The founders believed that the customers could
be better served by returning to an autonomous
form of ownership, rather than as a unit of a
larger conglomerate. In 2003, they negotiated
a buy back and Aquascot was once more an
independent business.
This experience led them to seek out a
succession option that would ensure the
company’s long term future lay in the local area
and would remain true to the original vision of
provenance, sustainability and collaboration.
THE SOLUTION
Inspired by key customer Waitrose, the founders
explored with their employees how they might
develop the business sustainably for the mutual
benefit of founders and employees. The company
began their journey to employee ownership in
2008 with guidance from John Lewis Partnership
and legal advice from Pinsent Masons.
DEAL STRUCTURE & OWNERSHIP
Aquascot decided to emulate the 100% trust
ownership structure of John Lewis Partnership
and an Employee Benefit Trust was set up to
acquire the founders shares on behalf of the
employees. This is funded by company profits,
with no investment required from employees.
The share buyout is phased to facilitate the
funding requirement and to minimize any
disruption to the business. Aquascot is on track
to become 100% employee owned in 2016.
GOVERNANCE &
EMPLOYEE ENGAGEMENT
The employees have a strong voice in the
business via the Partnership Council formed in
2009. This is made up of ten elected employees
who serve three year terms. The main purpose
of the Council is to hold the Directors of the
business to account and make ownership real for
employees. The Partnership Council also plays
an important role as an information channel
within the firm, and strives to drive the values
of the organisation which are Commitment,
Effective Teamwork, Respect and Trust.
THE IMPACT
In 2008 turnover for Aquascot was £19.4m
and the company headcount was 115. By 2013
turnover had grown to £32m and 150 people are
employed in the business.
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