TLT advises Scotland’s leading livestock auctioneers on transition to employee ownership

National law firm TLT has advised United Auctions on its transition to an Employee Ownership Trust (EOT).

First established in 1858, United Auctions has provided integral support to Scotland’s agricultural industry and is known for its exceptional service and expertise. The transition to an EOT will help maintain the company’s unique character, ethos and values, as well as keeping decision-making local and maintaining the trusted relationships staff have built with customers.

This transaction is also believed to be the first agricultural EOT in Scotland.

TLT’s corporate, incentives and banking teams provided legal advice for the transaction. The team was led by corporate partner Douglas Roberts, with support from partner Ben Watson, senior associate Nimarta Cheema, managing associate Peter Smartt, legal director William Ngan and associates Olivia Curtis and Faye Saunders.

Douglas Roberts, corporate partner at TLT said: “It was fantastic for our EOT specialists and banking team to be involved with this landmark EOT deal for Scotland. United Auctions is the leader in its field and its employees now have a fantastic opportunity to drive the business forward and benefit from its continued success.

“This deal is illustrative of the growing interest in EOTs throughout the country, and it was exciting to be part of this significant EOT for the agricultural sector. The EOT model is a good fit for the sector’s people-centric ethos, and it is also encouraging to see more interest by banks in lending for sales to EOT.”

George Purves, a trustee director of the United Auction Employee Ownership Trust, said: “This deal represents an exciting step forward for United Auctions, as well as the wider agricultural sector, and we are so pleased to be able to develop as a business while retaining our unique character, developed over 167 years.

“TLT’s expertise in EOT transactions is well known in Scotland, and their service was every bit as attentive and diligent as we had expected.”