A GLASGOW-based online retailer of men’s wet shaving and grooming items has become the latest firm in Scotland to move into employee hands.

The Executive Shaving Company made the move as directors Brian and Shona Mulreany prepare to retire.

It comes as new census data shows there are now more than 200 employee-owned businesses in Scotland. The census was commissioned by Co-operative Development Scotland (CDS), which is part of Scottish Enterprise and the arm of Scotland’s enterprise agencies that supports company growth through collaborative and employee ownership business models.

READ MORE: Spotlight: Glasgow city centre eyesores that need the owners to take responsibility

Mr Mulreany said: “My fellow director Shona and I were retiring and wanted to ensure that the business not only remained in Scotland, but also that the jobs of our loyal employees were protected. We heard about employee ownership from a business contact and it seemed like a perfect fit for our company culture, as well as anchoring the company in its home city of Glasgow.

“CDS were a great help throughout the whole process – from assessing the feasibility of an employee buyout to the actual transition. Our employees were immediately on board and are really proud to now be part of a 100% employee-owned company. I’m sure their new stake in the business will inspire lots of future innovation and ensure the company continues to grow and thrive.”

READ MORE: Remembering the Govanhill newspaperman at the heart of Glasgow's Jewish community

Clare Alexander, head of CDS, said: “More and more Scottish businesses are transitioning to employee ownership and we’re proud to support them on that journey. We understand the importance of inclusive business models like EOBs and co-ops in terms of creating a wellbeing economy where fair work, a values-driven approach and strong community links are every bit as important as profits.

“As we continue to work towards the Scottish Government target of having 500 EOBs in Scotland by 2030, it is fantastic to see companies such as The Executive Shaving Company making the move to employee ownership – a business model that not only creates better places to work, but punches well above its weight in terms of resilience, profitability, productivity and staff engagement.”