Geldards advises TV's ‘A Place in the Sun’ production company on becoming Employee Owned

Geldards, one of the leading legal advisors on Employee Ownership Trusts, has advised Freeform Productions Ltd (the production company behind Channel Four’s award-winning TV show A Place in the Sun) on becoming employee owned.

Freeform Productions is one of the UK’s most successful production companies, and this year celebrates 25 years of A Place in the Sun on Channel Four.  Following families searching for the perfect property abroad, the TV show has won numerous awards and is enjoyed by a global audience.

Founders of Freeform Productions, Antoine Palmer and Ann Lavelle, decided to pass the baton of ownership over to the employees to be managed by a trust (Freeform Productions Employee Ownership Trust Ltd). Capitalising on the longevity and success of the company over the past quarter of a century, the move enables the employees to share in the hard-won success of the business.

Many businesses chose to move to an Employee Ownership Trust model as an effective way to plan for the succession of a business and maintain the integrity of the company. The Employee Ownership Association estimates there are 2,470 EO businesses in the UK to date. The popularity of EOTs is growing year on year as businesses recognise the benefits of increased staff commitment and decision making, along with improved profitability and stability.

Geldards is a leading authority on Employee Ownership Trusts and the Corporate team at Geldards advised Freeform on the transition to an Employee Ownership Trust, on the formation of an EOT, the purchase by the EOT of the entire share capital and the process of employee engagement on the transaction. Partner Debra Martin led the deal advising on all legal aspects of the transaction supported by Tax Partner Andrew Evans.

Debra Martin, Partner at Geldards commented:

“It was a pleasure to work closely with Antoine and Ann and the wider team on the transition of Freeform Productions to an Employee Ownership Trust. More and more businesses are realising the benefits to be found in becoming employee owned, making employees feel invested in the business and safeguarding the company heritage and legacy. We wish them every success for the future.”

Antoine Palmer – Founder, Freeform Productions commented:

“Geldards were brilliant partners when we decided to transform Freeform into an employee owned company. They were very supportive, calm and helpful throughout and made a complicated process feel simple and easy to achieve. They gave great advice which was easy to understand and dealt swiftly with any problems.”