William Sword Ltd, a North Lanarkshire pastry company based in Cumbernauld, has transitioned to an Employee Ownership Trust (EOT), giving its 85 employees a direct stake in the future of the business.
The company, founded in Airdrie in 1894 and run by the Sword family for four generations, supplies pastry products to butchers and pie-makers across Scotland and beyond.
Douglas and David Sword, who have managed the business for more than 40 years, will step back into consultancy roles as part of the change.
Historic North Lanarkshire family pastry-making business William Sword becomes employee-owned (Image: William Sword)
Douglas said: “While we feel that this is the right time for us to step back, the idea of a trade sale – which might ultimately have led to distant owners and jobs being put at risk – didn’t interest us.
“We have a great team, many of whom have been with us for a long time.
“We wanted to give something back to the people who have worked so hard for us.
“Transitioning to an EOT allows us to do exactly that.
“Our customers also benefit from the continuity of supply.
“It’s a model which has worked really well for others.
“It has benefits to us, but also to the staff, who are now in control of their own destiny.
“The business is in their hands now.
“We are sure they will continue to grow and be successful.”
Historic North Lanarkshire family pastry-making business William Sword becomes employee-owned (Image: William Sword)
David said: “This is a good business, which is part of the community.
“We have been so fortunate over the years with the team we have had that it feels fitting for the business to begin its next chapter as an Employee Ownership Trust.”
Douglas and David will be succeeded as managing director and finance controller, respectively, by Alexander Gordon and Caitlin Stevenson.
Alexander said: “The move to an Employee Ownership Trust marks an important moment for our business.
“I want to thank David and Douglas for the hard work and dedication they have put into building and guiding the company over many years.
“Their efforts have made this next step possible.
“Most importantly, this change recognises the commitment of our staff, whose contribution has always been at the heart of the business.
“The future of William Sword Ltd will now be something we can all share in together.”
William Sword Ltd is also the business behind The Scottish Soup Company, launched just over a decade ago, which supplies supermarkets and wholesalers throughout Scotland.
Historic North Lanarkshire family pastry-making business William Sword becomes employee-owned (Image: William Sword)
Nicholas Howie, a partner in the corporate team at Lindsays, the legal advisors for the transition, described the move as “a prime example of how the model can be used to recognise and reward expertise and experience of a company’s employees.”
He said: “Recognition is growing regarding the success of employee ownership as a means of succession in businesses, with benefits for all parties.
“I am sure that William Sword will continue to go from strength to strength.”
William Sword originally began in Airdrie and relocated to its current Cumbernauld site on Limekilns Road in 1969.
The business has focused on pastry production since the 1950s and continues to supply retailers and manufacturers across Scotland.
