Helensburgh Toyota owners sell dealership to employee trust

Helensburgh Toyota co-owners Gary Mulvaney and Ernie Cowan have sold the business to a newly formed employee trust.

The company has held the Toyota franchise for over 45 years and is recognised as one of the franchise’s top performers for customer care in the UK.

Mulvaney and Cowan who will remain in their current roles until March 2024 as part of the handover process to the newly formed Helensburgh Automotive Employee Trust operation.

The company recently completed a £500,000 refurbishment of its service workshop.

The business’s new leadership will be led by centre director Tim Roome.

Mulvaney said: “People have always been at the heart of what we do, whether that is staff, customers or the community so this feels like a natural evolution.”

Cowan said: “It’s been an honour to help our business grow and thrive, but the time is right for the next generation to take things forward. Customers will still see a familiar face on the front counter, just not mine!”

An employee ownership trust (EOT) can allow business owners to sell a controlling stake in their company to realise their value whilst passing the company into long term employee ownership.

The EOT is operated by trustees, and the beneficiaries are the employees of the company at any given time.