Mon, 30 Oct 2023 | BUSINESS SALE
Interior design and fit-out contractor Workspace Design and Build Ltd has moved to employee ownership. The company, which was founded in 2004, delivers interior design projects across the North West and Midlands, as well as furniture procurement and delivery for office refurbishments, helping companies seeking to refurbish their offices or move premises.
Company co-founder Russell Davis said that selling to an Employee Ownership Trust (EOT) would enable the firm to keep its team, continue to invest in the business and ensure its future in the North West and Midlands, commenting that much of the company’s success was due to its employees.
He added that he and fellow co-founder David Barfield felt that moving to an EOT “would add stability and ensure that Workspace Design and Build would continue to prosper with the business now in the hands of the staff."
The boards of the EOT and the Workspace Design and Build Ltd trading company are comprised of directors Barfield, Davis, Laura Faulkner, Lauren Hart and Richard Barsby.
The move comes amid a huge increase in the number of companies moving to employee ownership, with a growing number of company owners seeking exits that enable them to maintain their firm’s existing teams, operations and overall ethos post-sale.
David Barfield commented: “When Russell and I were looking at our options, we had different routes we could go down, but employee ownership felt like the best fit. Our team have shown us huge amounts of support throughout the years – without them, we would not have been able to grow the business to what it is today”.
The company was advised on the deal by a team from Freeths LLP, including corporate lawyers Rosanna Brown and Lisa Willis, and employees from Mazars, including Steve English. Rosanna Brown commented: “EOTs are becoming increasingly popular and Freeths have noticed an increase in businesses considering this structure.”
Find out more about the factors contributing to the growing popularity of Employee Ownership Trusts
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