Logistics firm makes the move to employee ownership
Law firm Brabners has advised Gloucester-based supply chain and courier Planet Logistics on its transition to employee ownership in collaboration with Castletons Accountants.
Established in 2001 by David Summerhayes, Planet Logistics offers urgent B2B same-day delivery solutions in the UK and Europe.
The firm specialises in hazardous goods, storage space and exhibition support.
The company has been sold to its employees through the establishment of an employee ownership trust.
David Summerhayes, the founder of Planet Logistics, said: “The EOT transaction provides continuity for our customers and staff and will enable the business to retain its strong culture and independence. I’m very grateful for the expert support provided by Brabners and Castletons in helping demystify employee ownership. Their hands-on support and guidance were crucial in building trust in the process.”
Brabners’ specialist EOT team worked alongside Andrew Ford at Castletons Accountants and business adviser, Peter Barrett, to advise on the establishment of the EOT and the succession of Planet Logistics to employee-ownership.
Stephen Hadlow, Partner in Brabners’ Corporate team, said: “Employee ownership is the fastest growing business ownership model in the UK and Planet Logistics represent a significant milestone for our team as our 50th EO transition deal in four years.
“It was a pleasure to partner with Castletons and help deliver a succession strategy for David which recognises shareholder value, supports loyal staff and creates a sustainable platform for future business growth.”
