Gloucester logistics firm transitions to employee ownership
Thu, 30 May 2024 | BUSINESS SALE
Planet Logistics, a supply chain and courier firm based in Gloucester, has transitioned to employee ownership. The company was advised on the transaction by law firm Brabners, in collaboration with Castletons Accountants.
Planet Logistics, which was founded by David Summerhayes in 2001, offers urgent same-day B2B delivery solutions across the UK and Europe, specialising in hazardous goods, storage space and exhibition support.
The firm has now been sold to its employees through the establishment of an employee ownership trust (EOT). Brabners’ specialist EOT team worked with Castletons Accountants’ Andrew Ford and business adviser Peter Barrett to help establish the EOT and plan the company’s succession to employee ownership.
David Summerhayes commented: "The EOT transaction provides continuity for our customers and staff and will enable the business to retain its strong culture and independence.”
Summerhayes said that Brabners and Castletons had helped to “demystify employee ownership” for the company and added that their "support and guidance were crucial in building trust in the process."
Stephen Hadlow, partner in Brabners’ Corporate team, said: "Employee ownership is the fastest growing business ownership model in the UK and Planet Logistics represent a significant milestone for our team as our 50th EO transition deal in four years.”
Hadlow added that Planet Logistics’ EOT had delivered a succession strategy for David Summerhayes that supported staff, created a “sustainable platform for future business growth” and recognised shareholder value.
Find out about the range of factors that have driven the rapidly increasing popularity of Employee Ownership Trusts among UK businesses over recent years
In spite of ongoing headwinds and high insolvency levels among UK haulage businesses, M&A activity is continuing to grow in the logistics sector
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