Bank completes its first EOT deal with Manchester M&E specialist
Manchester mechanical and electrical engineering consultancy, Crookes Walker Consulting, has created an Employee Ownership Trust, backed by a loan from OakNorth Bank.
The firm was founded in 2004 by Dave Walker and Paul Crookes, and now employs 50 staff across offices in Manchester, Liverpool and Birmingham.
It provides engineering consulting services across a number of sectors, including residential, commercial, hospitality, education, and infrastructure. The key services it provides include building design services, planning support, digital engineering, MEP surveys and energy modelling.
More than two thirds of the business’s revenues comes from renovations and existing building refurbishment projects – many of which are being driven by the need for tenanted properties to reach a minimum EPC rating of C by 2025.
Paul Crookes and Dave Walker will sell 100% of their shareholding into the Trust, but will continue to be involved in the day-to-day running of the business.
The board of directors will remain unchanged with Chris Skinner as CEO, Andy Ringland as CTO, and Steve Plant as CFO.
The board will work with the Trust to deliver continued growth and development, as well as safeguarding the ethos and core values that underpin the business. The new structure will allow all CWC employees to share in the business’s success, as well as having more influence over the way the business is run.
Paul Crookes and Dave Walker said: “CWC is a knowledge-based business, with a reputation for teamwork and excellence. We are only as good as the people within the practice, and we wanted to ensure that with any succession plan, their future was not just secured but enhanced.
“Setting up an Employee Ownership Trust with the support of OakNorth Bank is the ideal way to achieve both goals whilst helping to attract and retain the best talent in the industry.”
The deal with CWC is the first Employee Ownership Trust transaction carried out by OakNorth Bank.
Stewart Haworth, director of debt finance at OakNorth, said: “A record number of companies are setting up Employee Ownership Trusts as founders look for alternative ways to reward staff and sell their stakes while also benefiting from a tax break.
“By setting up this Employee Ownership Trust, CWC is providing clear direction and certainty for the business, its employees, and clients, and rewarding its staff for their hard work and dedication over the last 18 years.
“Between them, Paul and Dave have over 55 years of broad sector experience and have built a strong business which operates on the principles of a personal approach backed up by technical excellence. With more and more properties needing to invest in energy efficiency upgrades over the next few years, CWC is primed for strong future growth – growth that its employees can now benefit from even more.”
OakNorth Bank was introduced to the transaction by accountancy business, Beevers and Struthers.
