Larking Gowen helps local construction consultancy to become employee-owned
East Anglian firm, Canham Consulting, has announced that it has transitioned to an employee-owned business, with the formation of an Employee Ownership Trust (EOT). An EOT is a trust established for the purpose of holding shares in a company on behalf of and for the benefit of the employees of the company
The move comes after the business, which provides support to homeowners, fellow construction professionals, the public sector, and many private businesses, considered various succession options, including a management buyout and trade sale. The primary objective of any future ownership model was to build on the culture and provide longevity to the business. This transition ensures that the ethos of the business will continue for generations to come.
The employees at Canham Consulting are excited about their role in the ownership model and how they can all work together to drive the firm forward and continue to be a leading business in Norfolk.
Managing Director, Rob Panter, is hugely excited about the future of the business, stating that he is delighted that the employees will all share in the ownership of the business and continue to play an active part in developing Canham Consulting. The company is committed to continued growth, both within East Anglia and beyond.
Transitioning to employee ownership has only been possible with advice and guidance from specialists in this field. Our Corporate Transactions and Tax Advisory teams provided governance, tax, and financial advice throughout the process. Legal advice was provided by Leathes Prior Solicitors.
The team involved gathered on 28 April to make the transition official. James Lay, Corporate Transactions Partner at Larking Gowen, said, “An EOT is a great succession route for the owners of Canham Consulting and their team of employees. It will further reinforce the company’s people-first culture and independent status. It’s been a real pleasure to work with the shareholders and management to help make this viable option a successful reality.”
The Larking Gowen teams prepared a valuation of the shares in the company, advised on the qualifying conditions for the EOT, provided guidance on the structuring of the sale to the EOT, obtained tax clearances for the transactions from HMRC, and reviewed the legal documentation to ensure that it properly implemented the transactions.
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