Aberdeen manufacturer Woollard & Henry, which was on the brink of closing seven years ago, has continued one of Scotland's great business comeback stories by winning the Queen's Award for International Trade.

A world-renowned manufacturer of engineering equipment for the paper industry, Woollard & Henry all but closed when one of its owners fell ill. Like so many businesses they faced a crisis of succession but through the support of the Baxi fund, and the commitment of their employees, they have been able to turn the business around. Now exporting to 22 countries, the company has gone from strength to strength.

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Research suggests that a combination of shared ownership and employee participation delivers superior business performance. Woollard & Henry is an outstanding example of how an employee-owned business can succeed in a highly competitive global market.

The company is a perfect case study for business owners looking to exit from their company, and for staff thinking of buying the business. It shows that an employee buyout can unlock the potential of a company and its people, and transform a business into a world leader.

Employee-owned businesses, and their potential for profitability, carry significant economic rewards.

In Scotland there are ten employee-owned businesses trading in such diverse fields as papermaking, energy efficiency, healthcare and tourism. Together these businesses employ more than 3,600 people and have an estimated annual turnover of £425m.

(GK/JM)