An Aberdeen-headquartered oil and gas consultancy is heading towards a decade in business with continued growth and industry recognition.
Accord Energy Solutions, which was launched in 2010 and claims to be Scotland’s first employee-owned start-up, said yesterday it was on track for a record £6 million turnover in its 10th year.
The business, which specialises in oil and gas measurement and hydrocarbon accounting has notched up 5-6% growth year-on-year and recently invested a six-figure sum to purchase a new 3,308sq ft headquarters on Carden Place.
Operating for clients in the North Sea and global markets, Accord was launched by three founding directors and now has a team of 33, with plans in place to set up an operation in Australia during 2020.
Accord’s employees all have a vested interest in the firm’s expansion, because they all have a stake in it.
The company was set up in August 2010 and turned over £1m in its first 12 months of trading.
It was recently recognised in the UK Employee Ownership Awards, securing a “highly commended” accolade in the employee-owned business of the year category.
Half of the business is held by an employee ownership trust, making sure key decisions are taken in the long-term interests of staff.
A further 21% is owned by employees through a share incentive plan allowing staff to buy and sell shares in the firm in a tax-efficient manner.
The founding directors – Alan Spence, Phil Stockton and James Arthur – hold the remaining shares.
Mr Arthur said: “Our objective is to build a fair and open corporate culture. We believe in aligning the interests of individual members of staff and the company.
“Doing so allows us to deliver peerless expertise and patient continuity of service to our customers.
“Employee ownership is fundamental to us and we see the award as an indication that, together, we’re getting something right.”
Accord operates in a niche market within the oil and gas industry.
Consulting on the measurement and allocation of hydrocarbon products, it helps customers manage production data and track ownership from the reservoir to the point of sale.
It also designs and implements related computer systems.
Around 90% of client projects support the North Sea oil and gas industry, with the remainder spread across global locations including Norway, the Middle East and Australia.