Surrey blinds specialist transfers to EOT
Wed, 06 Sep 2023 | BUSINESS SALE
The Specialist Blind Co (SBC) has become the latest UK company to become employee owned after transferring to an Employee Ownership Trust (EOT). SBC specialises in made-to-measure blinds, including remote-control blinds and home automation integration.
The deal enables owners Peter and Helen Matthews, who incorporated the firm in 2000, to realise their investment while ensuring the Surrey-based business remains in the hands of its employees.The owners opted against maximising value through selling to a third-party buyer, as well as declining to introduce third-party debt (which could have been used to accelerate payments to the firm's existing shareholders), saying they were “exceptionally keen” to keep the business in employee hands.
Following the transfer to the EOT, Peter Matthews will remain as the firm’s managing director, supported by long-term employees Cheryl Ede and Sarah Edwards. Peter Matthews said the transition to employee ownership was “an exciting step in SBC's development”, adding that the company would “continue to evolve and innovate to provide exceptional products to our valued customers."
The deal was overseen by a team from Quantuma, led by managing director Adrian Howells and manager Richard Hill, who provided lead financial advice, company valuation and tax structuring services throughout the process.
Adrian Howells commented: "Employee ownership is becoming more popular than ever, being used increasingly often to empower employees, whilst securing a tax-efficient exit for shareholders, and creating a sustainable base for future growth.”
These factors cited by Howells, among several others, have been behind a significant increase in the number of businesses transferring to EOTs over recent years, with the number of employee-owned businesses in the UK now standing at more than 1,400.
Find out more about the growth of EOTs in our recent dedicated insight on Employee Ownership Trusts in the UK
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