The corporate finance team at PDT Solicitors have recently acted for the shareholders of Tri-Fab Limited in establishing an Employee Ownership Trust (EOT) and the selling of the Company to that Trust to enable the owners to cement a successful business succession.The Trust has been established for the benefit of all of the employees of the Company and there is a process in place to enable the employees to choose an employee director to represent their interests. Tri-Fab manufactures and supplies sheet metal fabrications to the roofing, cladding and façade markets using a variety of materials and employs around 30 people at its site in Lancing, West Sussex. Two of the three shareholders will remain as directors of the company going forward with the third shareholder remaining involved on a consultancy basis. Andrew Hoad who led the PDT team said "There have been lots of disposals to EOT's in the press recently and it is good for us to act on another one. Having worked with the shareholders previously it was good to get this deal over the line and I am confident that the Company will continue to go from strength to strength with an additionally motivated workforce" Dave Simmons at Ballard Evans provided corporate finance advice to the shareholders and MSA Law provided legal tax advice.
"The opportunity to sell the company to a trust which is run for the benefit of the employees was very attractive to us. It allows us to remain involved in the business whilst giving members of the junior management the opportunity to come through and share in the ownership of the company in the future. Andrew and Sian were instrumental in guiding us through the process and made it as painless as possible."
Kenny Walker, Managing Director Tri-Fab
Employee Ownership Trusts - Offering a genuine succession alternative