Employees take ownership of £67m turnover metals and minerals supplier

South Yorkshire-based company, Westbrook Holdings, which trades as Westbrook Resources, has been sold by its shareholders to an Employee Ownership Trust. (EOT)

The transaction was advised on by Sheffield-based dealmaking firm, Castle Square Corporate Finance, and the Sheffield office of national law firm, Freeths. HSBC provided funding for the deal.

With an annual turnover of $85m/£66.8m in its last reported annual accounts, Westbrook is a supplier of metals, minerals, and ferro alloys to the global iron and steel industry.

It sources, stocks, and supplies materials across all continents, dealing with over 60 different metals and minerals in more than 40 countries.

Following the completion of the sale, Shaun Walton will remain as chief executive, and Nick Jones will continue as managing director.

The rest of the senior management team will also stay in place, working with them to take the company forward and oversee its continued growth.

Director Kevan Shaw and Joe Potts from the Castle Square team provided advice on transaction value and the fundraising process.

Shaw said: “Having first advised Westbrook on a refinancing over a decade ago, we are happy to have now advised on a deal which gives the shareholders a successful exit.”

Walton said: “Our thanks go to Castle Square, Freeths, and HSBC for their pivotal roles in enabling this EOT to happen.

“Now, those contributing ideas, hard work, and professionalism will directly benefit from Westbrook’s success. The sky is the limit.”

Legal and tax advice were provided by Lisa Wallis, Rosanna Brown, and Alex Angelides from the Sheffield office of law firm Freeths. 

Wallis added: “It was a pleasure to work with Westbrook and Castle Square on this transaction, securing an exit for the shareholders and allowing the Employee Ownership Trust to continue developing the business going forward, for the benefit of the employees.”

Richard Bagley, from the HSBC Corporate Team, was instrumental in delivering the funding on behalf of the bank.