Tue, 03 Oct 2023 | BUSINESS SALE
St Albans-based nursery Majestic Trees has been acquired by an Employee Ownership Trust (EOT). The company said that the move to employee ownership, as opposed to a third party buyout, would help to ensure the continuation of its ethos and core values.
Managing director Steve McCurdy and wife Janet have sold 74 per cent of the company to its current management team. The team comprises sales manager, fern snowling, planting and logistics manager Sarah Shynn, nursery manager Carlos Guinand, HR and finance manager Helen Morgan, pruning and stock control manager Maria Bengtsson and after care, apprenticeships, and training manager Eliot Barden.
Post-transaction, the team will all continue in their current roles. Steve McCurdy, who retains a 26 per cent stake in the company, will also continue as managing director of the firm for the foreseeable future.
McCurdy commented: “The team’s future is both secured and most importantly is rewarded. Undoubtedly, the price that we have sold our 74% is less than we could have achieved (from a buyout), but it enables us to leave both a legacy, ensure Majestic Trees and its ethos and core values continues as it is.”
“Money isn’t everything, as I would be far happier to see Majestic Trees continue to prosper under the team who helped me build it.”
McCurdy said he has no plans to retire, but stated that a High Court battle with Defra last year had taken a detrimental impact on his health, prompting the sale. He added: “I’ve been mentoring the management team for many years, the illness forced my management team to really step up, so the time seems right to begin this transition process.”
Find out more about the growing popularity of Employee Ownership Trusts
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