Founded in 1993 by William Martin, the company has cultivated a global reputation, specialising in the manufacture and supply of component parts to the aerospace, defence, and energy sectors. Despite the crippling effect of covid on the aerospace industry, Martin Precision has continued to thrive, boasting a turnover of £5.2 million and employing 49 skilled workers, predominantly from the local area.

Mr Martin said: “The business is performing well; it has survived and prospered despite covid which brought the aerospace industry to its knees. This success is in no small part due to the commitment and skill of our employees, and it is fitting that they have a secure future.

“I will retain a small minority shareholding in the business and continue as Managing Director focusing on our growth strategy. Employee ownership will also benefit our customers who continue to believe in our ability to provide world-class product and I thank them for their support through the years.”

Lorna Gourlay, finance director, is a keen advocate of the employee ownership structure. She said: “I knew the EOT would be a good fit for who we are and what we want to achieve as a business.

“We have a fantastic team of people at Martin Precision and are proud of our reputation for quality and delivery. One of our key pillars is our commitment to developing local talent. This commitment will be reinforced now we’re employee-owned. Our future is secure for the long term, and we can only go from strength to strength.”

Neil Lawson, who started his career as an apprentice with Rolls Royce and is now the company’s operations director, added: “I’m delighted to see Martin Precision take such a bold and visionary step.

“What we have achieved over the years has been remarkable and it’s brilliant to think that the impressive Martin legacy will continue to thrive in the hands of local people.”

Newly appointed employee trustee Alan Muir said: “I was taken aback when I first heard of the plans as it was unexpected. Now I understand more about how it will work, I feel very honoured that the shareholders have such confidence in the employees that they are entrusting us with the future of the business. It’s up to us now to carry on the Martin family’s legacy and drive the business forward.”

John Blair, of Consilium the firm’s accountants, said: “This is a great Scottish business with an international presence. A key priority of the shareholders was to ensure the company remained rooted locally and upheld the company’s values of quality and investment in people.

“The EOT delivers on that, whilst allowing a path to an eventual exit for the vendors.”

Employee ownership specialist, Carole Leslie, who advised on the transaction, added: “Martin Precision is a company that recognises the importance of valuing their people and building strong customer relationships.

“Employee ownership will fit well, and I expect the business will continue to grow and prosper with employees enjoying their success for many years to come.”

Legal support was provided by Bellwether Green. April Bingham, head of corporate, said: “It was a privilege to work with Martin Precision on their move to employee ownership.

“We are seeing an increasing number of business owners considering the EOT as part of their succession strategy. A sale to an EOT provides continuity for the employees and customers.”