Geldards advises BIC Innovation on transition to Employee Ownership
Geldards a leading adviser on Employee Ownership Trusts has advised business consultancy BIC Innovation on the successful transition to becoming employee owned.
BIC Innovation supports companies across the UK and internationally, helping them to achieve business growth and implement innovative strategies for transformation. Established over 20 years ago the company works across multiple sectors supporting SMEs and the public sector, with offices in Anglesey and Bridgend.
With business succession at the forefront of their plans for the future, the decision to become employee-owned and transfer ownership to employees by way of an Employee Ownership Trust (EOT) was the best means to safeguard the legacy of the firm. Driven by a desire to provide continuity of leadership for clients and employees alike, it was important to find a solution which would retain the existing leadership team and project jobs.
BIC Innovation’s transition to an EOT guaranteed employment security for staff as well as giving them a stake in decision making for the future of the firm, whilst maintaining the integrity of the company’s core value and ethos.
Geldards Corporate team advised BIC Innovation on the transition to an Employee Ownership Trust, on the formation of an EOT, the purchase by the EOT of the entire share capital. Geldards has advised numerous businesses on the transition to employee-ownership, helping ensure business continuity and safeguarding legacy for the future.
Tax Partner Andrew Evans led the deal advising on all legal aspects of the transaction supported by Partner Alex Butler, Solicitor Jamie East and Trainee Solicitor Emma Clissold in the Corporate team.
Huw Watkins, Founding Director commented:
“Although there were a number of succession paths open to us, employee ownership was the one that best safeguarded our history and values. We are grateful for the team at Geldards who guided us through the transition process and supported the EOT trustees at each stage of the journey.”
Andrew Evans, Partner added:
“Geldards was delighted to help BIC Innovation transition to become employee owned, it made perfect sense for them to embrace this change to safeguard the future of their business. It was a pleasure to work with Huw and the team, drawing on expertise from our Corporate lawyers to facilitate a smooth transition to employee ownership.”