Source: Employee Ownership Association
Loch Fyne Oysters' co-owned status owes much to the wishes of one if its original co-founders to keep the 'slates on the roof of his house', according to current chairman, Bob Craig.
Johnny Noble was already exploring how to realise his share in the oyster and shellfish business he established at Clachan, Cairndow, on the west coast of Scotland when he died in 2002. Noble's sudden death prompted the other founder, Andy Lane, to consider how best to finance the organisation going forward, and a prospectus for sale was prepared.
Buyers were interested, but Lane was uneasy about the future prospects for the company under new ownership. 'Chance then played its part', according to Bob Craig – Andy Lane read an article about the Baxi Partnership, which was starting to fund employee buy-outs, and saw how this route could provide a way of paying Noble's estate his share of the business without selling the company.
Publication Date: 2009-01-01