Chairman Colin Woodward, who recently stepped down from working with the company full-time to taking a part-time role, said the move was designed to give the management team “an opportunity to put its stamp on the business”.

The shares will be split between Jennifer Brown, Anne Bristow, Carolyn Murray, John-Paul Toner and Emma Watts. Toner and Watts have responsibility for the day-to-day running of the business, following Woodward’s decision to work part-time.

They will be awarded the shares on top of their salary and bonuses, but will not be able to draw a dividend from them for the first three years above a nominal pre-set amount, due to Her Majesty’s Revenue and Customs regulations.

“I’m very confident [the share scheme] will work very well,” Woodward told Recruiter. “The shareholders have been with the business for a combined total of just under 65 years and this is an exciting opportunity for them.”

Contract Scotland has grown significantly over the years since the late 1990s. In 1998, turnover was £2.2m - in 2008 it was £12.5m.
Woodward explained: “This has been three years in the planning and it is a positive sign that it was not shelved or derailed by the recession.”

He also revealed that he plans to release another 14% of equity in the business “over the next two or three years”, leaving his overall share at 51%.

This additional equity could either go to newly-appointed directors or to existing shareholders, he added.

Woodward is going part-time to focus on work with community partner the Bridges Programme, which helps asylum seekers and refugees with previous construction experience into work.