Livingstone sells Clyde Group to management
CLYDE Group, the marine recruitment specialist which runs Clyde Travel, has been sold by founder David Livingstone to its management in a multi-million pound deal.
The management buy-out team, which includes Livingstone’s son Ian, was given the opportunity after the founder rejected offers to buy the group which could have led to its break-up.
Established in 1981, the group employs most of its 150 staff in Scotland in subsidiary company offices in Clydebank, Stirling, Inverness, Aberdeen and Southampton, as well as Glasgow, and has a turnover of some £35m.
Its Clyde Marine Recruitment is the market leader, placing more than 1000 personnel a year with companies such as P&O Ferries and Stenaline, while Clyde Marine Training recruits around half of the UK’s officer trainee intake each year.
Other subsidiaries operate as recruitment agencies in hospitality and healthcare, and Clyde Travel is the largest independent travel management company in the west of Scotland, sharing many clients with the marine businesses.
The biggest shareholder in the buy-out will be managing director Joyce Downie, who has worked for the company for 21 years, followed by Ian Livingstone, with six other senior staff having equal stakes. The deal has been “aided substantially” by a loan from Bank of Scotland Corporate, the bank said.
Downie said: “David Livingstone has done a truly remarkable job making Clyde Group the success it is today, and it’s a great honour for me to be taking the business forward.
“David was approached by several companies with a view to acquisition, he realised that the diversity of the business and what made it unique would be lost, and was very keen for that not to happen. A lot of the staff have been here for many years and have been very instrumental in building up the business.”