Quantuma advises on sale of ABC Glass Processing to an Employee Ownership Trust
Business advisory firm Quantuma is pleased to announce its successful role in delivering the sale of A.B.C. Glass Processing Limited (ABC), a bespoke glass processing specialist, to an Employee Ownership Trust (EOT). This is a noteworthy achievement for ABC, as its three glass merchant founders empower the company’s workforce to play an active role in the next phase of its journey.
Established in 1999, Portsmouth-based ABC is among the leading bespoke glass manufacturers and glass suppliers in the South of England. From its 20,000 sq ft factory, ABC offers a wide variety of products and services, ranging from glass cutting and processing, to balustrades and glass splashbacks. The business has a circa £5m turnover and has built an unrivalled reputation within the glass industry for providing high-quality products to its loyal customer base.
This transaction was delivered by Quantuma’s Corporate Finance experts director Philippa Robinson, manager Richard Hill and assistant manager, Darra McCarthy-Paul. Tax support was provided by managing director, Holly Bedford from Quantuma’s sister company K3 Tax Advisory. The collaborative partnership ensured that compliance with regulations was achieved, in order to secure a tax-efficient deal for the vendors.
The transaction allows the shareholders to realise the value they have created over the last 20 years and to enjoy their retirement with the comfort of knowing that the structure of the business remains in place for staff and the legacy of ABC can continue.
The sale of shares to an EOT is a transformative step that empowers employees by providing them with beneficial ownership of the company, aligning their interests with the long-term success of the company and ensuring an exciting future for the business. Well-known examples of EOTs include Richer Sounds and Aardman Productions (producers of Wallace and Gromit).
Philippa Robinson, director at Quantuma said: ‘It has been a pleasure working alongside the ABC team on this transaction. The shareholders were keen to ensure that their loyal staff could be a part of the company’s future and selling into an EOT structure has allowed them to do just that. I wish the team and the exiting shareholders all the best in the future and I look forward to seeing how the business grows.”
Ian Sawyer, director at ABC commented: “As a close-knit family business at heart, with an ethos grounded in service and quality over quantity, we decided that an EOT was the right option to carry the company forward for the long-term benefit of it and its employees and for the exit of the current owners. In this journey we were very grateful for the unwavering support of the Quantuma team led by Philippa Robinson. We are also very appreciative of the legal teams involved whose advice was invaluable. The process was undertaken in volatile market conditions, but successfully concluded.”
The EOT transaction was delivered in partnership with sell-side lawyer Jeremy Hyde, Director, Howes Percival and Matt Cook, Partner, Bright LLP who acted as a lawyer on behalf of the Trust.
