Leonard Curtis Legal has advised Thurcroft Group on the establishment of an Employee Ownership Trust (EOT) and the acquisition of Architectural Decorative Facades Ltd and Build-Lite (UK) Ltd.
The national legal firm, with headquarters in Manchester, was appointed on the strength of its corporate law credentials when it comes to mergers, acquisitions and EOTs, as well as referrals from previous successful partnerships.
The transaction specialists Mackenzie Spencer advised the founders on their strategic options, providing both advisory and legal services to the transaction.
The transaction has seen the independent Rotherham-based manufacturer of construction products remodel to become owned by an EOT Thurcroft Group. Comprising two companies with a combined nineteen-year heritage, it joins the growing number of employee-owned companies across the UK in the process.
Build-Lite (UK) Ltd was incorporated in 2012 and develops, manufactures and supplies a range of innovative building products and creative architectural mouldings for the construction industry. In March 2019, Build-Lite (UK) Ltd was awarded the British Board of Agrément (BBA) certificate for Future Found – its UK-manufactured revolutionary insulated foundation system.
With an employee cohort of 15, the new company, Thurcroft Group, has been formed to administer the trust.
Paul Goodlad, director and former majority shareholder of Build-Lite (UK) Ltd and Architectural Decorative Facades Ltd, remains a director of those companies and has also become a director of the newly-formed trustee company.
Thurcroft Group provides new and innovative construction materials and consultation to significantly reduce build-time, improve the carbon footprint and reduce handling and storage costs. It also offers a range of fast-track building products to provide cost-effective solutions to many of the commercial, financial and environmental challenges encountered by architects and developers in their construction projects.
Leonard Curtis Legal’s team was led by Jonathan Roberts and Jennifer Moore. Samantha Sellars – also from Mackenzie Spencer – was legal advisor for the sellers.
Trustee and director Paul Goodlad said: “The success and growth of Build-Lite (UK) Ltd and Architectural Decorative Facades Ltd would have been impossible to have realised without the contribution of our employees.
“Succession planning is always at the forefront of our thinking and we felt confident that this was the right step for us. We are now looking to build a new management team to lead the employment trust – to drive forward the business whilst rewarding all employees for all their efforts in getting the company to this stage.
“The Leonard Curtis Legal team came highly recommended and lived up to its excellent reputation when it comes to mergers and acquisitions and employee ownership. We were immediately impressed with their practical approach and depth of knowledge in this area.”
Mackenzie Spencer’s Samantha Sellars said: “It was fantastic to be involved in a transaction that rewards employees for their contribution to the success of a business, we are sure the business will go from strength to strength.”
Leonard Curtis Legal’s Jonathan Roberts said: “In the wake of a highly uncertain year, employee ownership continues to be an attractive option for businesses across the UK who wish to protect their legacy and motivate staff.
“It was a pleasure to assist with this transaction, which demonstrates the breadth of technical legal services we are able to offer as part of our broader corporate legal offering. We were happy to complete the transaction in tight timescales and the continuing practical challenges of the Coronavirus pandemic.”
Visit www.leonardcurtislegal.co.uk for more information.
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