UK’s greatest guitar retailer palms business enterprise to its 160 staff

GuitarGuitar strikes a chord with workforce by saying restructure

A RENOWNED guitar seller is putting its staff “centre stage” by turning into the country’s first musical instrument retailer to shift to employee ownership.

The company restructure indicates that 60 per cent of all guitarguitar shares are now placed into an employee ownership trust [EOT] providing its 160-powerful workforce the bulk of the organization and its gains.

The on the net and in-store guitar business commenced off in Edinburgh in 2004 and has because expanded to six retail spots across the United kingdom.

Now headquartered on the outskirts of Glasgow, guitarguitar sells far more than 50,000 guitars a calendar year, from entry amount axes to remarkably sought-soon after collector’s pieces from the likes of Fender, Gibson, Taylor and Martin.

Founders Kip McBay and Graham Bell made a decision to make the swap to personnel ownership to let them to approach for their respective exits from the enterprise without having threatening the legacy of the brand name.

Graham Bell, co-founder, mentioned: “Our crew are above the moon to uncover out that they now individual a share of this outstanding enterprise. guitarguitar’s accomplishment is a outcome of the commitment and really hard get the job done of our staff and we have now resolved to choose the following phase and give them their individual piece of the organization.

“We’ve spent the previous 20 a long time developing a manufacturer that we are wholeheartedly passionate about. We required to make certain the small business signifies a thing to foreseeable future house owners when our time will come to choose a stage again.

See also  A single of UK’s “most haunted” pubs launches attractiveness to come across culprit who stole skull from its “resting place”

“Not only did we want to reward staff for their endeavours at the enterprise but we also required to make sure our shoppers will often be front and centre. Every single experience a buyer has at guitarguitar will now be with a person who is invested in and committed to offering outstanding support to musicians.”

The business turns over £45-million-a-year and is the first musical instrument retailer in the Uk to get the action into worker-possession, a small business design which is getting progressively preferred among firms in the United kingdom.

Bobby Simpson, Functions Supervisor at guitarguitar, reported: “This is a amazing day for the group at guitarguitar. What a fantastic start out to the year understanding that Kip and Graham have whole self-assurance in every single staff member to carry on and build the guitarguitar legacy.”

To make the restructuring procedure as basic and straightforward as attainable, guitarguitar called on the assist of personnel possession professionals. EY recommended on the transaction, with Douglas Roberts of Lindsays offering legal assistance.

Duncan Reoch of EY claimed: “‘It has been a amazing experience operating with Kip and Graham through this sort of an important transitional stage in the history of the organization, and for them personally.”

Douglas Roberts of Lindsays, who also aided in facilitating the restructure stated: “guitarguitar is a good Scottish business enterprise good results story. Graham and Kip desired to reward their staff members and safeguard the potential of the organization although guarding the ethos they have crafted.”

Carole Leslie of Possession Associates furnished personnel ownership support for the challenge and assisted interaction with the new personnel homeowners and other stakeholders.

See also  Oil costs slide as swift Omicron unfold dims fuel need outlook

Carole explained: “This is a excellent landmark for the musical instrument retail sector and Possession Associates has liked assisting such a well known organization in just the market obtain its enterprise objectives.

“We’re seeing an abundance of fascination in the business composition. When business house owners like Kip and Graham are keen to outline their individual exit approach, personnel ownership promptly provides by itself as a crystal clear alternative for furnishing a good route for equally homeowners and team.”

Graham extra: “The very last 20 many years have been an interesting trip for us all in guitarguitar. It’s time for Kip and I to allow the next technology take the business into the long run.”