A SCOTS book production firm that has helped produce dozens of bestsellers has sold a controlling interest to its employees.
Falkirk-based Palimpsest Book Production Ltd, which says it is one of the UK’s market leaders in book production, moved to employee ownership with 21 workers given a stake in the business at a time when the market is “reasonably buoyant”, according to founders Craig and Ruth Morrison, who established the business in 1994.
The move is aimed at keeping the firm and jobs in Scotland when the Morrisons eventually retire.
- Read more: Aberdeen firm moves into employee hands
He said: “We were immediately attracted to the idea of transitioning to employee ownership because it would enable us to realise part of our investment while continuing to work in the business until we are ready to retire.
“Employee ownership will also ensure that Palimpsest continues to thrive, offering employment and careers in Scotland into the future.
“With a client base ranging from leading international publishing companies to self-publishing authors and an ‘end to end’ range of pre-press services, the new Employee Ownership Trust has a strong foundation.”
The trust will hold the shares on behalf of the employees of Palimpsest, which provides pre-press services like typesetting, proofreading, digital publishing, design and reprographics, to the UK publishing market.
Mr Morrison said: “We’ve had an amazing journey over the last 24 years, with clients telling us that we have become their trusted partners in both print and digital book publishing. Ruth and I are delighted we now have a succession solution in place, though have no plans to retire for a while yet.”
The company works for trade publishers in commercial fiction and non-fiction.