Employee ownership for building products manufacturer
Rotherham-based Build-Lite (UK) Ltd has sold the shares in the holding company to an employee-owned trust formed for the benefit of the company’s 15 strong workforce.
The company, which was incorporated in 2012, develops, manufactures and supplies a range of building products and architectural mouldings for the construction industry.
To become an employee owned business it used Sheffield-based Mackenzie Spencer, which is led by Chris Sellars and Samantha Sellars.
Paul Goodlad, director and former majority shareholder of Build-Lite (UK) Ltd and Architectural Decorative Facades Ltd, said: “Following a recommendation from our existing accountant, using Mackenzie Spencer to cover all the financial and legal matters ensured the transaction was completed quickly with all appropriate advice provided by one company.
“This was extremely helpful when you are busy trying to keep the day-to-day business going through the sale process.”
Goodlad remains a director of the companies. He has also become a director of the trustee company to assist the new employee group and provide support to the new managing director Build-Lite is looking to appoint.
He added: “The success and growth of Build-Lite (UK) Ltd and Architectural Decorative Facades Ltd would have been impossible without the contribution of our employees.
“Succession planning is always at the forefront of our thinking and we felt confident this was the right step for us.
“We are now looking to build a new management team to drive forward the business whilst rewarding all employees for all their efforts in getting the company to this stage.”
Chris Sellars, managing director of Mackenzie Spencer, added: “Following getting to know both Paul and Trevor throughout this process, we are delighted to have assisted them in their exit.
“We are sure that under the new ownership, the company will continue to thrive with a truly engaged, motivated and collective workforce all reaping the benefits of that success.”
The trust was advised by the Leonard Curtis legal team, led by Jonathan Roberts and Jennifer Moore.
