Tool supplier welds future with employee ownership model
Pipe Tool Specialists, a supplier of tools and technology to the plumbing, pipefitting, and welding industries, has transitioned to employee ownership through the formation of an Employee Ownership Trust (EOT).
The company operates from sites in Lincoln and Manchester and has served tradespeople for six decades.
After nearly thirty years in charge, director Steve Stefaniuk decided to step back from full ownership but will remain involved in the business as managing director.
The transfer of ownership to employees was chosen as a strategy intended to protect jobs and maintain business continuity.
Stefaniuk said: “Keen to retain the hard-won legacy of the company, which enjoys a reputation in the industry for its highly experienced and knowledgeable staff, handing ownership to the employees who helped build the company’s success was an easy decision to make. As well as ensuring the legacy and heritage of the company endures in the future, the transition to EOT protects local jobs at the company’s two operating sites in Lincoln and Manchester.”
The legal transition was managed by Geldards, whose corporate team advised Pipe Tool Specialists on the formation of the EOT and the purchase of the company’s entire share capital.
Tax Partner Andrew Evans led the deal, with support from partner Debra Martin and Solicitor Sophie Henwood.
Stefaniuk continued: “From our initial meeting all the way through to the post agreement documentation everything was handled in a professional and efficient manner. Overseeing the team we worked with at Geldards you ensured everything was handled speedily and effectively. The strategic advice you provided was of particular importance and guided us through several key decision-making processes.
All of the above, and the ability to form an effective partnership with others in the process, means that I would gladly recommend your firm to anyone considering the journey we have made.”
Andrew Evans said: “It was a pleasure to work with Steve and the team at Pipe Tool Specialists to guide them through the transition to employee ownership and assist in securing the future of the company.”
