STIRLING-BASED livestock auctioneers United Auctions Group has completed its management buyout, allowing George Purves, Christopher Sharp, Donald Young and John Roberts to fully acquire the business.

The buyout was supported by finance from HSBC, which will now be invested in upgrading the business’s premises.

Finance director Mr Sharp said: “United Auctions already has a strong presence in Scotland, which forms the core of our business. The financial package from HSBC allows us to uphold this presence, and will also be used to maintain and secure our service offering to customers, and implement our strategy for future growth.

"For the entire United Auctions team, continuing our reputation of offering the best service possible is vital, and we are very excited to start putting our plans into action.”

The finance comes as a part of HSBC’s national £10 billion fund to actively support UK small and medium-sized enterprises, of which £450 million is specifically designated to support Scottish firms, helping rebalance the economy outside of London.

HSBC relationship director in Scotland, Nigel Kerr, said: “UA is a longstanding and well respected agriculture business in Scotland and we have worked closely with the new management team to ensure a successful buyout and facilitate plans for further growth. This is an exciting time for UA and we look forward to supporting future growth plans.”

UA has 30% of the Scottish livestock auctioneering market, and the largest geographical spread of any of its competitors, operating auctions across central, north and west Scotland, servicing over 18,000 customers.