One of Scotland’s leading livestock auction companies is under new ownership following a management buyout.
United Auctions, which is headquartered in Stirling, yesterday changed ownership for an undisclosed sum.
The company, which also operates auction marts at Huntly, Lairg, Dalmally, Tiree, Islay, South Uist, is now under the ownership of George Purves, John Roberts, Christopher Sharp and Donald Young.
The deal, which includes all auction markets within the group including the property holding at the Stirling Agricultural Centre, has been backed by directors David Brown, Donald Morrison and Matt Stevenson.
The seven-strong team had already taken over operational responsibility for the business in August last year as part of the company’s succession planning programme.
United Auctions managing director, George Purves, said: “This is a big step in the evolution and continued planned progression of the company and we are deeply proud to be sharing the responsibility of taking the business forward for the next generation.”
The new owners took over the company after buying the entire issued share capital from Robin Tough, Neil McLean and David Leggat.
The trio stood down from the management team in December last year, however each will continue to have non-executive, advisory roles at the company.
Outgoing executive chairman, David Leggat, said: “We feel that this is the right time for us to take a step back and allow the next generation to take the business forward. We have the utmost faith and belief that the next team will continue to build upon the foundations and success the business has had to date.”
The buyout has been funded by HSBC Corporate in Scotland, following advice from law firm Burness Paull and accountancy company Johnston Carmichael.