Employees take ownership at established brewery
Sheffield-based Abbeydale Brewery has become an Employee Ownership Trust.
The brewery was founded in 1996 and now employs over 50 staff, split between the brewery itself and its pub, The Rising Sun in Fulwood.
Both the brewery and pub are now 100% employee-owned, with a company name chosen by the new employee owners of Sheffield Beerworks EOT Ltd.
The new Board of Trustees will comprise Jon Conroy who will be the independent chair, Pat Morton (selling shareholder), Dan Baxter (co-managing director), and two employee representatives – Finlay MacDonald, a bartender at the Rising Sun and brewer Christie McIntosh who represents the manufacturing side of the business.
Brewery founders Pat and Sue Morton will continue to be involved with Abbeydale Brewery.
While they will step back from the day-to-day running of the business, their positions on the Board of Directors will remain, and they will continue to play an advisory role.
Baxter said: “I could not be prouder of our team and everything we have achieved together over the years.
“We are a humble bunch, mentored by Pat and Sue, and a have a vast skill set amongst our staff at both the brewery and the Rising Sun.
“The future for the business is very exciting. The support of our customers and our community is paramount as it always has been. So a massive ‘thank you’ for enjoying our beer. We will continue to do what we do best.”
Shorts acted as lead advisors on the transaction, including valuation, fundraising, tax advice and project management, with legal advice provided by James Burdekin of MD Law.
Sue Morton, one of the selling shareholders, said: “Working on this transaction with our accountants Shorts was an obvious choice. They already know our business well and the Corporate Finance team have experience in EOTs.
“Connor Marshall who led on this for the Corporate Finance Team has also been able to pull in advisors from other teams as needed.
“Shorts also introduced us to James Burdekin of MD Law in Sheffield who has done all the legal work on the transaction. Both James and Connor have been great throughout, responding quickly and providing support and guidance every step of the way.”
Marshall said: “It has been great to work alongside MD Law in transitioning such a well-known, acclaimed business into becoming an Employee-Owned Business.
“From the start the shareholders and Senior Management Team wanted to do what was best for the employees and, with the implementation of the EOT, this solidifies the prospects of both the business and employees for the longer term.”
Burdekin added: “It was a pleasure to work alongside the team at Shorts in implementing the transition of Abbeydale Brewery to employee ownership.
“We have no doubt that employee ownership will be a perfect fit for the iconic business which has established itself as a cornerstone of the thriving Sheffield beer community and we wish all those involved continued success in the next stages of their journey.”
