Fri, 11 Oct 2024 | BUSINESS SALE
Abbeydale Brewery, a Sheffield-based brewery and pub firm, has transitioned to employee ownership. The firm, which was founded in 1996, is now 100 per cent owned by its 57 staff through an Employee Ownership Trust called – in honour of a beer brand it used to sell in the 1990’s – Sheffield Beerworks EOT Ltd.
Abbeydale's beers include Dr Morton’s Non Stick and can be found in venues and independent retailers throughout the UK and at its own pub, The Rising Sun in Fulwood. The company has also brewed a special limited edition beer called Trust to celebrate the move.
The new board of trustees will be comprised of Jon Conroy, who will be the independent chair, Pat Morton the selling shareholder, Dan Baxter, co-managing director, and two employee representatives - Finlay MacDonald, a bartender at the Rising Sun and brewer Christie McIntosh, representing the manufacturing side of the business.
Brewery founders Pat and Sue Morton will continue to be involved with Abbeydale Brewery following the sale. While they will step back from the day-to-day running of the business, their positions on the board of directors will remain and they will continue to play an advisory role in the management of the company.
Dan Baxter said: "I could not be prouder of our team and everything we have achieved together over the years. We are a humble bunch, mentored by Pat and Sue, and have a vast skill set amongst our staff at both the brewery and the Rising Sun. The future for the business is very exciting."
Shorts acted as lead advisers on the transaction, including valuation, fundraising, tax advice and project management, with legal advice provided by James Burdekin of MD Law.
Connor Marshall, of Shorts, said: "From the start the Shareholders and Senior Management Team wanted to do what was best for the employees and, with the implementation of the EOT, this solidifies the prospects of both the business and employees for the longer term.”
Find out more about the growth of EOTs in our recent dedicated insight on Employee Ownership Trusts in the UK
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