CEO Martin Welsh and the leadership team will all remain in their existing roles.

Founded in 1989, Booth Welsh’s transition to employee ownership has been planned for some time. CEO Martin Welsh called it a “natural evolution” for the business. “Our people have always been at the centre of Booth Welsh’s success,” he added. “This is about protecting our strong culture, building resilience and creating a positive future together.”

Mark Lee, Booth Welsh quantity surveyor has been appointed as a trustee director on the EOT. The trust will see that the company always operates in the best interests of the employees.

Mr Lee added: “The move of Booth Welsh into an employee ownership trust model is an exciting time for both current and future employees. The EOT model ensures that our values will be recognised, and that we will have a shared purpose in shaping the company’s future from which we will ultimately benefit in its success.

“Importantly, this move secures a commitment to the long-term future of Booth Welsh within Ayrshire, whilst continuing to have a positive impact on the wider community.”

North Ayrshire Council welcomed the news, praising the move as a prime example of its community wealth building strategy, which aims to retain wealth and opportunities locally.

Councillor Marie Burns, leader of North Ayrshire Council, said: “I would like to congratulate Booth Welsh on becoming an Employee Ownership Trust. This is a move that will give staff a stake in the business, and will help the firm to attract and retain quality staff locally.

“The ownership change is also a fantastic example of Community Wealth Building, which is a key part of Our Council Plan and encourages partnership working with our communities and businesses to ensure we are building the strongest local economy possible.”

Cllr Burns continued: “Regionally, we – as a local authority – are committed to working with other anchor organisations to ensure that wealth is owned locally where possible to benefit the people of North Ayrshire.

“We already work closely with Booth Welsh on a number of projects and partnerships, including our EQUAL Specialist Employability Support (SES) programme, which offers a wide range of tailored support to get people back into work, start work for the first time or take a step up the career ladder.

“We have also been working together on Irvine’s Digital Process Manufacturing Centre, which is an innovation hub that supports process manufacturing industries and is based within the Booth Welsh manufacturing space at i3 in Irvine. Additionally, the business is also a Living Wage Scotland accredited employer – which brings more benefits to the workforce.”