The Executive Shaving Company is the latest business in Scotland to become employee owned. All staff will now have a stake in the Glasgow based online retailer of men’s shaving and grooming products.
The Executive Shaving Company’s move to employee ownership(EO) is one of a handful of recent transitions that has taken the total of EO businesses to just over 200, according to Scottish Enterprise.
The company’s directors Brian and Shona Mulreany chose the EO model after deciding to retire. Mr Mulreany said “it seemed like a perfect fit for our company culture, as well as anchoring the company in its home city of Glasgow”.
The pair received support from Co-operative Development Scotland (CDS), who helped with the transition, including a feasibility assessment of an employee buyout.
“CDS were a great help throughout the whole process,” said Mr Mulreany, adding, “Our employees were immediately on board and are really proud to now be part of a 100% employee-owned company. I’m sure their new stake in the business will inspire lots of future innovation and ensure the company continues to grow and thrive.”
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. We understand the importance of inclusive business models like EOBs and Co-ops in terms of creating a wellbeing economy where fair work, a values-driven approach and strong community links are every bit as important as profits.
“As we continue to work towards the Scottish Government target of having 500 EOBs 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.”