The Azets Corporate Finance team advised Glasgow-based architectural firm Keppie Design on transitioning its entire shareholding to an employee ownership trust (EOT).

The Azets Corporate Finance team advised Glasgow-based architectural firm Keppie Design on transitioning its entire shareholding to an employee ownership trust (EOT), making it the latest Scottish company to adopt this ownership structure.

More than 100 staff are set to become part-owners of the business which was founded in 1854 by John Honeyman. Since its inception, Keppie has been at the forefront of innovative Scottish architecture, with world-renowned figures such as Charles Rennie Mackintosh amongst the firm’s former partners.

The current shareholders, Peter Moran, Fraser Low, Richard MacDonald and David Ross, acquired the business in a management buyout in 2018. The shareholders have been exploring the future of Keppie for some time, recognising the huge personal investment from the staff that has driven the special culture and hard-earned reputation of the firm. Their priority has been to ensure that these values are protected beyond their stewardship.

Graham Cunning, Head of Corporate Finance in Scotland, said: “Azets are delighted to have advised the shareholders of Keppie on their sale to an EOT.

“Keppie have a strong reputation and rich heritage in Scottish architecture and the EOT will ensure that the Keppie brand will continue. We wish the staff every success and look forward to watching the evolution of Keppie as it transitions to an employee-owned business.”

Keppie’s shareholders said:

“We engaged the Azets Corporate Finance and Tax Advisory team to explore our potential strategic exit options as we considered the future of Keppie. Graham and his team listened carefully to what was important to us, took time to understand our heritage and culture, and expertly guided us through our options. After careful consideration, we decided that exit to an EOT was the best option to preserve the Keppie brand, and the future of the business for our loyal employees, clients and other stakeholders.

The Azets team have a proven track record of delivering EOTs, and project-managed the entire transaction seamlessly from start to finish, providing guidance and reassurance along the way. We would highly recommend Azets to any business owners wanting to consider their future strategic options.”