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Tayplay bought by its own employees; News and quotes compiled by Ken Symon and Scott McCulloch.

"PERTH-BASED company Tayplay has been bought by its employees in order to retain local jobs and preserve the ethos of the business.

The business, which makes rope, playground and climbing equipment for the playground and leisure industry has given its 14 members of staff the opportunity to become its owners.

Founded by Andrew Hoddle in 1994, Tayplay has an annual turnover of PS2m and manufactures hundreds of net products which are shipped all over the world.

Peter Will, the company's managing director, said: "Following the recession we experienced a difficult trading period and we were considering a trade sale. However, we could not agree terms and after a strategic review we decided to look more closely at the employee ownership business model.

"Co-operative Development Scotland then conducted a feasibility study and we quickly discovered employee ownership ticked all of our boxes.

"No other options were even seriously considered at that stage."

He said the deal had met all the company's targets in terms of sale price, timescales and the fact that the owners were keen to keep the business based in Perth.

He added: "Our employees now really believe in the new model and we expect the degree of buy-in to increase now that the deal has gone through.

"As the employees begin to see and feel the reality of EO we expect their commitment to the company will grow and it will make recruitment easier."

There are 78 employee-owned companies in Scotland, with about 6,500 employee-owners generating a combined turnover of around PS900m.

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Title Annotation:Business
Publication:Insider Monthly
Date:Oct 4, 2016
Words:255
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