A leading Scottish vegetable grower has restructured the family business in a generational succession plan supported by Clydesdale Bank.
Stewarts of Tayside chairman and co-founder Jim Stewart will be replaced in his role by his brother Will Stewart. Jim will retain a minority equity shareholding and continue in an executive director role.
Alongside the change of ownership, Will Stewart said the company has “ambitious plans” for the future, including a brand refresh, product innovation, and key appointments to the sales team, along with further growth in the business.
“Our new strategy will help us to take advantage of the numerous exciting opportunities in the marketplace, which in turn will deliver growth and will ensure we continue to supply our customers and the end consumer with our high quality fresh produce,” he said.
The succession plan was supported by a funding package from Clydesdale Bank, which recently renewed its partnership with industry organisation Scotland Food & Drink.
Will and his wife Sheena joined the company 20 years ago, with their son Liam, joining in 2007. Since then the family have worked together to grow the business and secure a leading position in the swede and soft fruit sectors.
“While I will not miss the day to day pressures of controlling a business of our scale, I am excited by the plans for the future and look forward to supporting Will, Sheena, Liam and our finance director Doug Baxter through these changes,” said Jim Stewart.
“I firmly believe that the group’s future long term success is in safe hands and that our customers will continue to be provided with quality produce and the unrivalled efficient service they have come to expect.”
Will Stewart added: “I am grateful to Jim and Mary for the success of their stewardship over the years and for working with myself, Sheena and Liam on our succession plan.
“Jim and Mary both deserve great credit and recognition for their roles in building up the business and its reputation from scratch to what it is today and I look forward to Jim’s continued involvement and wise counsel in the coming years”.
“I also wish to thank Clydesdale Bank for supporting our plans to bolster and grow the business.”
Lucy Graham, senior director at Clydesdale Bank, said: “We are thrilled to confirm that Clydesdale Bank has been appointed as funding partner to Stewarts of Tayside.
“The business is one of Scotland’s most renowned fresh produce growers, with a reputation for fantastic quality and service. Over the years the firm has been recognised by numerous industry awards.
“The changes planned by husband and wife team Will and Sheena, together with their son Liam, will build on the solid base previously established and deliver new opportunities for growth.
“With 2015 designated the Year of Food and Drink in Scotland, there is a great opportunity to develop and grow our food and drink sector. Clydesdale Bank’s experience in the industry puts us in a strong position to support local food businesses as they seek to achieve their growth ambitions.”
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