Former director of Inter-Alliance (Edinburgh) Robin McGowan is hoping to reach an agreement with the national IFA after an eight-month dispute over a franchise transfer agreement.
McGowan was an IA Edinburgh Franchise practice director and is looking to draw a line under the dispute which began in June 2002 when the national embarked on a radical restructuring of the company. This entailed transferring ownership of all Inter-Alliance's franchised businesses directly to the stockmarket-listed company.
McGowan says each of the franchises were formerly limited companies trading under the IA brand with the national as only a minority shareholder.
But following the restructure, practice directors such as McGowan were offered share options in the company as part of the deal but did not receive immediate cash payouts.
Directors raised some concerns over the valuation of their businesses and the liabilities they would be left with following the signing over of their practices to the group.
McGowan says “There are clearly a number of serious financial issues under discussion and the valuation of the Edinburgh business will be central point to these discussions. But both Keith Carby and I are committed to resolving these loose ends on an amicable basis.”
Inter-Alliance chairman and chief executive Keith Carby says: “I think the fact that this restructuring has gone so well with only two out of the 170 shareholders not settling is testimony to the fair mindedness and commitment to this matter shown by Inter-Alliance.”