Build Scotland Construction Directory
Time and date
CONSTRUCTION DIRECTORY
Share this page
Construction News
04/07/2012

Firm's Buy-Out Brings Employees A Share Windfall

A Scottish energy, mining and metals research group has changed hands in a £1.1bn deal.

The buy-out of Edinburgh-based Wood MacKenzie means members of staff who own shares in the company will share a £90m windfall, with an average pay-out of about £250,000.

Private equity firm Charterhouse Capital Partners sold a 63% holding to its rival, Hellman & Friedman.

A spokesman told The Scotsman newspaper that it will be "business as usual" for the company and the share payments will be made to employees at all levels, "from the executive team to secretaries and office workers".

-- Advertisement --
NorthernAsbestosServicesLtd

Staff will retain a 24 per cent stake in the firm.

It is understood that the firm's eight-strong management team, led by chief executive Stephen Halliday, will remain with the business following the deal, which is expected to be completed by the end of August.

Halliday, who joined the firm in 1989, said: "We have always been a business which recognises effort and loyalty and we're proud of our strong egalitarian approach. Therefore I'm really pleased that so many of our people are sharing in the rewards of their efforts in building up a business which was valued at around £20m at the time of the employee buy-out just 11 years ago."

In the year to the end of December 2010, pre-tax profits at WoodMac rose 14 per cent to £48.3m, on turnover 18 per cent higher at £128.1m.

Wood MacKenzie, which employs 800 people around the world and is planning further growth, provides analysis to major oil companies and government agencies.

(NE/GK)

Latest Construction News

03/05/2024

The Wheatley Group has been given planning permission from Glasgow City Council to convert the 1930s B-listed Bellgrove Hotel into 14 modern, energy-efficient and affordable flats – eight of which will be wheelchair accessible. Permission has also been granted for a further 56 flats to be built on ...
03/05/2024

Renewable energy leader Drax has announced that it will invest £80 million in a major refurbishment of its iconic 'Hollow Mountain' Cruachan pumped storage hydro power station in Scotland. Global hydropower technology supplier ANDRITZ has been appointed as the main contractor for the Cruachan ...
03/05/2024

Clark Contracts has welcomed the news that the former Dalmarnock Purifier Studios, now branded as EastWorks, has been awarded the Refurbished/Recycled workplace award at the prestigious British Council for Offices (BCO) Awards 2024. The 120-year-old former purifier shed, owned by Clyde Gateway, ...
03/05/2024

Stirling Council has launched a public consultation to shape future developments at the Viewforth and Burghmuir Road areas. The new draft framework and planning brief for Viewforth and Burghmuir covers a key area of the city centre that includes the Viewforth site, existing council buildings, ...
03/05/2024

Morrison Community Care (CCG) Holdco has secured planning permission or its latest project in South Queensferry, marking its third consecutive success. Forming part of a wider 44-hectare masterplan that will include 980 new homes, a primary school and commercial premises on Builyon Road, south of ...
03/05/2024

The Highland Council's Economy and Infrastructure Committee have carried out a review of the last two years of the Community Regeneration Funding Programme, ahead of agreeing changes to how the 2024/25 programme will be delivered. Committee Chair, Cllr Ken Gowans said: "Following a successful two ...
03/05/2024

Perth and Kinross Council and partners are set to progress community-led projects aimed at revitalising homes and improving rural transport links, following a winning bid for Innovate UK Pathfinder Places funding. Funding of £150,000 has been secured following a successful Phase 1 Pathfinder ...
03/05/2024

SGN engineers working on the H100 Fife project have helped support the Methilhill Community Children's Initiative (MCCI) by building an eco-toilet in the charity's learning garden. MCCI provides a safe and engaging space for local children to participate in various outdoor activities, including ...
03/05/2024

SNIPEF, the Scottish and Northern Ireland Plumbing Employers' Federation, has published a draft of its 2024 election manifesto detailing six strategic policy proposals designed to support its members and the broader plumbing and heating profession. Once finalised, the manifesto will be central to ...
03/05/2024

The Scottish Environment Protection Agency (SEPA) have published their 2024-25 Annual Operating Plan, detailing how they will protect and improve Scotland's environment over the next 12 months. The publication follows the launch of a new Corporate Plan at the end of March, which set out the ...
RBT Underfloor LimitedMorris & Spottiswood LtdMaterials Market LtdToner Damp Proofing SuppliesNo HydroBurnside Plant Hire LtdKattrak International Hidromek SalesScotdeck LtdThe Big Block Co LtdSafe Access (Highland) Ltd.
Terms and Conditions
2024/05/04 06:28:52