Dundee-based locksmiths Lock Shop & Security Services has changed hands as part of a succession plan.
The Strathmore Avenue shop has been operating in Dundee since 1984, providing locksmith, access control and home security services.
Mike and Therese Devlin acquired the business in 2000. It was a complementary business to their existing Scotland-wide operation Electro Guard Fire & Security.
The couple has passed control of their business to the existing management team.
This includes their son Steven and long-serving managers Dale McIntosh and Anthony Robb.
New Dundee locksmith owners
Mr and Mrs Devlin said ensuring a high quality service was essential in transferring ownership.
They said: “When we decided to step back from the day-to-day management of the Lock Shop business, continuity of service for our loyal customers was paramount.
“Steven, Dale and Anthony already know the business and its customers inside-out, so it has been a seamless transition.
“We know that, as a dedicated team, they’ll take Lock Shop on from strength to strength.”
Succession planning
Law firm Harper Macleod advised on the transaction. The firm’s M&A partner Paul Macdonald also advised on the sale of Electro Guard Fire & Security to the global security provider Scutum Group in 2022.
He said: “It’s been a privilege to work with Mike and Therese again on the next phase of their business succession planning.
“They were clear that one of the key priorities was to preserve the values and legacy of Lock Shop, which has built up a market-leading reputation in Dundee and Tayside, under the stewardship of the new management team.
“Our role is to deliver tailored solutions that meet the needs of our clients while securing the future of their businesses.
“The Lock Shop transaction is a prime example of how a carefully considered business succession plan can facilitate a smooth transfer of ownership without disrupting day-to-day operations.
“We wish Steven, Dale and Anthony the best of luck for the future.”
Tax planning and structuring advice was provided by EQ Accountants and Ross Strachan & Company assisted with certain property aspects.
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