Latest news with #Lindsays
The Herald Scotland
12 hours ago
- Business
- The Herald Scotland
'For us, this is about building a legacy for our team'
Following a period of rapid growth over recent years, there are now nearly 300 employee-owned firms in Scotland. These concerns employ more than 7,500 people and turn over in excess of £1.5 billion collectively. And the number of Scottish firms where staff hold majority stakes, chiefly through employee ownership trusts (EOTs), is expected to continue to increase, despite recent changes to the tax regime, as the Scottish Government targets having 500 employee-owned businesses operating in the country to 500 by 2030. Nicholas Howie, partner in the corporate law team at Lindsays, which has advised on 25 employee ownership deals in recent years, said: 'An exit strategy can be one of the biggest issues facing owners of SMEs (small and medium-sized enterprises) in Scotland. Employee ownership is an increasingly effective - and empowering - way of managing that. It's transformational for many businesses. 'It allows sellers - often founders or families who have run businesses for generations - to continue to play a role in their future, while putting the legal and financial frameworks in place which create a long-term legacy for their employees. 'Owners who sell their shares to an EOT gain an exemption on capital gains tax. But, on top of that, EOTs are really starting to demonstrate their economic worth. Read more: 'The feedback that we've had is that businesses which make the change become more productive and profitable because the whole staff team has a stake in its success, with the ability to award employees annually with bonuses of up to £3,600 per year per employee.' Among the newest to make the change in Scotland is Wetrooms International Group, the Rutherglen-based bathrooms supplies business, which cited ambitious growth plans among the reasons for transferring the majority of its equity to its 80 employees. Founders Brian and Bill Crombie have retained a 26% shareholding following the transition to an EOT. Brian Crombie said: 'For us, this is about building a legacy for our team, recognising the loyalty of our staff. Becoming an EOT was the logical step for us to take. It makes sense for everyone. 'I'm 73 and Bill is 71. We've got ambitious plans for the business while naturally also considering what work looks like for us longer term. We've had approaches, but didn't like the idea of a trade sale, putting the business in the hands of someone who might not understand our unique ethos. Our team deserves better.' Bill Crombie added: 'The business is in a real period of growth with huge potential to expand significantly over the next five years.' Employee ownership is continuing to grow in popularity despite recent changes to the capital gains tax regime for EOTs in the Autumn Budget. The changes will aim, among other things, to 'restrict former owners or persons connected with former owners from retaining control of companies post-sale to an employee ownership trust by virtue of control (direct or indirect) of the employee ownership trust'. They also aim to 'require that the trustees must take reasonable steps to ensure that the consideration paid to acquire the company shares does not exceed market value' and will extend the capital gains tax clawback period from one complete tax year following the tax year of the sale to four complete tax years. Specialist advisor Carole Leslie, director of Ownership Associates, who has helped more than 150 firms make the transition in the last year, said: 'The interest in the EOT structure is continuing to accelerate at pace across all business sectors. As awareness grows, more companies are seeking out a succession option that allows the owners to realise their value in the company tax effectively and allows them to control their own exit from the company. 'It's great news for employees. They can be as reassured as possible that their employment will continue for as long as the company continues to be successful, whereas any other succession option would likely lead to disruption and possible relocation or downsizing.' The benefits that can be achieved from staff having a greater stake and say in how they work are being highlighted today, as Employee Ownership Day takes place.
The Courier
30-05-2025
- Business
- The Courier
Fife lawyer promoted to head up top Scottish legal firm
A Fife lawyer named the next managing partner of Scottish legal firm Lindsays has vowed to grow the business. Andrew Diamond, currently head of the firm's Perth and residential property divisions, will take up the new role in October. He will succeed Alasdair Cummings, who is stepping aside after 14 years in the role. Under Alasdair's tenure, Lindsays has grown its presence in Dundee – including mergers with RSB Macdonald and Miller Hendry – and employee numbers in the city have increased from 15 to 81. Over the past decade, the firm – which began in Edinburgh – has also added offices in Perth and Crieff to its portfolio. Mr Diamond, from Aberdour, has been with Lindsays since 2012. He said: 'I am delighted to be taking on this role. 'I am very much the continuity candidate. And, while in politics that may not always be viewed favourably, it is a good thing for Lindsays. It's business as usual here. 'We are clear in our identity as an independent firm, working with families and businesses. 'There will be no change to that. We will continue with steady, strategic growth on the same path as we have followed. 'Our culture at Lindsays is our greatest asset and our people matter. We have the soul of a smaller firm but with all the benefits of scale. 'A big part of that is down to Alasdair's leadership, for which we are all grateful.' As well as its 81 solicitors and staff in Dundee, Lindsays has a further 32 people across its offices in Perth and Crieff. With offices also in Edinburgh and Glasgow, the firm now has a total of 53 partners along with 300 solicitors and staff. Alasdair said his time as managing partner has been 'the undoubted highlight' of his legal career. He added: 'Lindsays and its tremendous team mean so much to me. The past 14 years have been a successful and exciting journey. 'Together, we have achieved good growth, a wider geographic footprint and become a full-service firm, of which I am incredibly proud. 'The time, however, feels right for a new voice to lead Lindsays into the next stage of that journey. 'Andrew is a very worthy successor and I look forward to supporting him in any way I can.'
Scotsman
30-05-2025
- Business
- Scotsman
Scottish legal firm with 350 staff unveils change at top after 14 years
'We are clear in our identity as an independent Scottish firm, working with Scottish families and businesses' – Andrew Diamond Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Lindsays, the Scottish legal firm with some 350 staff and partners, is set for change at the top after appointing a new managing partner. Andrew Diamond, currently a partner and the firm's head of residential property, will take up the role from the beginning of October. He will succeed Alasdair Cummings, who is stepping aside after 14 years in the position - a period during which the firm has completed six merger tie-ups and seen annual turnover grow from £9 million to almost £28m. Advertisement Hide Ad Advertisement Hide Ad A handover process is already underway, following which Cummings will remain a partner. Andrew Diamond, left, who will succeed Alasdair Cummings, right, as managing partner of Scottish legal firm Lindsays. Picture: Ryan McGoverne / Lindsays Edinburgh-headquartered Lindsays has 53 partners along with 300 other solicitors and staff working from its offices in Crieff, Dundee, Edinburgh, Glasgow and Perth. Diamond, who joined Lindsays through its merger with MacLachlan and MacKenzie in 2012, said the firm would continue its growth organically, as well as through acquisitions and strategic hires. 'I am very much the continuity candidate,' he said. 'And, while in politics that may not always be viewed favourably, it is a good thing for Lindsays. It's business as usual here. Advertisement Hide Ad Advertisement Hide Ad 'We are clear in our identity as an independent Scottish firm, working with Scottish families and businesses. There will be no change to that. We will continue with steady, strategic growth on the same path as we have followed. 'Our culture at Lindsays is our greatest asset. Our people matter. We have the soul of a smaller firm but with all the benefits of scale. That is down to Alasdair's leadership, for which we are all grateful. I have very large shoes to fill.' Cummings' journey at Lindsays has seen him rise from trainee to managing partner, beginning in 1986, with only a five-year gap during which he worked for a London legal practice before returning to Lindsays in Edinburgh in 1993 to help grow its corporate and commercial law services. He said: 'Lindsays means so much to me. To be managing partner of this firm, with its tremendous team, has been the undoubted highlight of my career. Advertisement Hide Ad Advertisement Hide Ad 'The past 14 years have been a successful and exciting journey. Together, we have achieved good growth, a wider geographic footprint and become a full-service firm, of which I am incredibly proud. The time, however, feels right for a new voice to lead Lindsays into the next stage of that journey. 'My current three-year term as managing partner was due to end next March and I was always clear that I would not be seeking another. With that in mind, making a change now feels like sensible succession planning. Andrew is a very worthy successor and I look forward to supporting him in any way I can.'
The Courier
06-05-2025
- Sport
- The Courier
'Dependable' Dundee solicitor Ian Rollo Steven dies aged 90
Ian Rollo Steven, a widely respected Dundee solicitor and lifelong supporter of Scottish sport, has died at the age of 90. He passed away peacefully on April 12 at Ninewells Hospital, Dundee, after suffering a stroke earlier in the month. The keen skier, yachtsman and curler remained fit and engaged and was looking forward to the start of his fishing season. He worked for many years as a senior partner in Rollo, Steven and Bond (later RSB Macdonald and then Lindsays) and was Dean of the Faculty of Solicitors and Procurator in Dundee. Paying tribute, youngest daughter Kate described her dad as a '100% dependable', loyal presence. She said: 'If anyone ever refers to dad as the 'late' Ian Steven…late isn't something you could ever say about dad. 'He would take the train before the train he was meant to be on. He was 100% dependable. 'If he said he would be there for you, whatever the reason, he undoubtedly was.' Born on February 5 1935, at Duneaves Nursing Home in Broughty Ferry, Ian Steven was the only child of Robert 'Rollo' Steven, and Phyllis Steven (née Langford Holt). His parents met through the arts at the Dundee Rep, where Phyllis was an actress and playwright. The couple raised Ian with a strong sense of duty, heritage and creativity. Ian was the nephew of two officers, Harvey and Sidney Steven, who were killed at the Battle of Loos in 1915 while serving in the Black Watch. Educated first at Lathallan School from the age of six, Ian went on to Trinity College, Glenalmond in 1948 aged 12. By the time he left in 1953, he had captained the football team, played in the rugby 1st XI, represented the school in golf and served as Keeper of Fives. Keeper of Fives is the equivalent to the captain of any particular sport at any particular establishment the sport is played at. He studied law at the University of St Andrews, a degree he earned while apprenticing full-time with the Dundee legal firm Shield & Kyd. Attending university classes from 4pm to 6pm and studying into the evenings, he was among the final generation to be awarded the traditional Bachelor of Law degree, before the course was restructured as an LLB. Ian formally began his legal career in 1953 as an apprentice at Shield & Kyd. During his training, he acted as clerk to John Kyd, then secretary of the Jute Importers Association. In 1957, he joined his family's firm, Rollo, Steven and Bond, where he would remain for more than 50 years. Throughout his career, Ian was a general solicitor in the traditional Scottish sense – handling everything from court appearances and estate law to conveyancing and company formation. From his first day he was assigned to the Poors Roll, representing clients pro bono in the local courts of Angus, Fife and Perth. He became senior partner in 1976, guiding the firm through several transitions – eventually becoming RSB Macdonald, and later part of Lindsays. He also served as Dean of the Faculty of Solicitors and Procurator in Dundee during the major redevelopment of Dundee Sheriff Court. After retiring from legal practice in 2003, Ian remained as a consultant closely involved with the charitable sector. He chaired or served as a trustee for numerous local organisations, including the Isabella Smith Trust, the Smith Housing Association, the Mair Robertson & Peter Benevolent Trust, and Clova Kirk. Beyond the law, Ian's life was marked by a deep love for the outdoors and sport. A lifelong resident of the Tay area – living in Barnhill, Tayport and finally Newport-on-Tay – he always kept his home within view of the river. He also maintained a deep connection to the Angus glens, spending weekends at the family cottage in Glen Clova. He played rugby and cricket in his younger years but became more deeply involved in skiing, sailing, curling and fishing as the decades went on. In the 1950s and '60s, he was part of an elite group of Scottish ski racers, competing for – and winning – national titles. As race convenor for Dundee Ski Club and later for Scottish National Ski Racing, he went on to chair the main committee for British Men's Racing, including the Olympic team. He also contributed to the early development of the Glenshee ski area, helping to build the first ski tow at Meall Odhar. He was also honorary president of Dundee Ski Club. As a sailor, he was a lifelong member of the Royal Tay Yacht Club, competing in both local and regional regattas. His early Enterprise-class dinghy was humorously named GoesUnder, later replaced by an Osprey-class boat named Loki, after the Norse god of mischief. In both, he raced frequently and successfully, earning honours such as the Lawson Cup. Curling became a lifelong passion, both on frozen lochs and modern rinks. Ian estimated he had curled outdoors on more than 100 occasions. He was a devoted member of the Broughty Ferry Curling Club, which he twice served as president. He was still playing and winning matches in 2025. His social life in earlier years also included dancing. Ian was a popular presence at Invercarse ceilidh dances in the 1950s and 60s and was known for his lively footwork and impeccable timing – attributes that remained part of his character throughout his life. In 1969, he married Hilary 'Joy' Eilbeck in Aughton, Lancashire. He enjoyed a happy family life with their two daughters, Sarah Steven (Loveday) and Kate Steven. Ian is survived by his wife Joy, daughters Sarah and Kate, and his grandchildren Andrew and Zoe Loveday. A service of thanksgiving for Ian's life is being held at St Margaret's Church, Barnhill, Dundee, on Tuesday May 6 at 2pm.
