Prospects soar as VIP flight catering consultants handed controls

Recent-Jet succession plan takes off as possession strikes to 37 robust staff

A MOVE to switch possession of a catering agency famend for working in-flight companies to VIP shoppers and world-renowned airways to its professional workers has taken off securing the way forward for 37 jobs.

Recent-Jet Catering Ltd has established a trusted and extremely valued popularity as a detailed accomplice to personal and business operators together with family names equivalent to Loganair, British Airways and TUI amongst others.

Headquartered appropriately within the Metropolis of Discovery, Recent-Jet launched from Dundee in 2007 and has grown revenues to £2.7m a yr working with names which embrace most of the high airways.

Now its staff have develop into the newest to learn from being a part of an employee-owned firm, a progressive transfer that secures the long run route for years to come back.

The staff covers operations spanning ten airports throughout Scotland, North of England, Northern Eire and the Isle of Man, together with airside companies for main hubs at Edinburgh, Glasgow, Aberdeen, Inverness and Dundee.

Asserting the transfer, founder and Group Managing Director John Hume stated: “I’m very happy with what we now have created at Recent-Jet. I may have bought to one of many main gamers in our sector, however I couldn’t try this to the good staff I’ve. We’d not all be associated however we’re very a lot a household enterprise.

“There isn’t a celebration higher positioned to take Recent-Jet into the long run than the individuals who made it the success it’s as we speak. We put our clients first and I’ve each confidence that the service we’re famend for will proceed.  Recent-Jet is in protected arms.”

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John, a profitable serial entrepreneur who has began, constructed and bought a number of companies as going considerations up to now, was decided to do one thing completely different with Recent-Jet out of loyalty to his present workers – lots of whom have been with him for a few years together with some from earlier companies that he owned.

He was conscious {that a} sale to a 3rd celebration would possibly jeopardise the native workforce and sought out a succession technique that secured the way forward for the enterprise and guarded the workers who work within the firm’s different areas, whereas guaranteeing the continued success and progress of the enterprise.

Regardless of the numerous challenges introduced by the worldwide Coronavirus pandemic, John has now accomplished the switch of his total shareholding to an Worker Possession Belief (EOT). The Belief will maintain the shares on behalf of the workers.

The transaction comes at a time the corporate is flying excessive.  Having not too long ago received new contracts for 3 main International airways, Recent-Jet is forecasting a rise in revenues of 40% – even higher than pre-pandemic degree.

John says, “The pandemic hit us exhausting, because it did with all aviation companies.  I used to be assured that we’d come by way of it and made the choice to retain our total workers.  This determination means we had been in a really stronger place to bounce again.”

Certainly, this was a dangerous determination that paid off.  Buyer suggestions accredits the workers as the key of the corporate’s success.  “The reward our workers obtain is unbelievable. I’m constantly informed by clients how impressed they’re concerning the delight the Recent-jet staff take of their work and their dedication to customer support.  It’s becoming that they personal the enterprise and profit from the success.”

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John consulted workers earlier than he determined to make the transfer and after being assured that they had been all totally on board, his first port of name was his trusted accountant, Graham McLelland at FourM.

“A sale to an EOT made good sense for John and for Recent-Jet.  It’s an important enterprise, with a loyal staff.  We’re definitely seeing numerous curiosity from our shoppers in exploring the EOT as a succession plan.” says Graham. 

The transfer delighted greater than the corporate’s workers.  Loganair is a long-standing key buyer of Recent-Jet. Chief Working Officer, Maurice Boyle, sees this as an important transfer for the aviation sector.

He stated: “We now have at all times acquired a superb service from Recent-Jet and are delighted that this transfer to worker possession places the corporate right into a secure and long-term construction.

“The truth that all staff now have a stake within the enterprise signifies that we will stay up for working collectively for a very long time to come back.”

Chris Byrne and Neil McWilliam from Thorntons Regulation had been the authorized advisors on the transaction. Chris Byrne stated, “We had been delighted to work with Recent-jet on their transfer to worker possession.  John demonstrated imaginative and prescient in taking this route for his enterprise and the worker possession mannequin continues to draw numerous curiosity by way of a succession plan for enterprise homeowners. We now have labored on quite a few worker possession transitions over the previous few years now and it’s nice to see the way forward for one other native enterprise secured in Dundee.” 

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Worker possession specialist, Carole Leslie of Possession Associates, supplied professional recommendation on the transaction. “It’s a actual privilege to work with Recent-Jet on this undertaking.

“Dundee and Tayside is quick changing into a spotlight for employee-owned firms with Kilmac,ICS2,  Altar, Star-Dundee and Bentleys all making the transfer to employee-ownership in recent times.”