Employee ownership trust takes majority stake in trading group
The founders of Leeds-based Purston Park Ltd have staged a partial exit by selling more than half of their shares to an employee ownership trust (EOT).
After 23 years, the Leeds-based trading group which turned over more than £40m in the last financial year, transitioned into an EOT as founding shareholders, John Buitekant, Rowena Buiteknat and Ruper Segal sold 59 per cent of the shares to its employees.
The sale marked the beginning of a retirement window for the founding shareholders and saw majority shares of Purston Park and trading subsidiaries, Overseas Trading Ltd (OTL) and Spot On-Line (SOL) pass into the hands of its 69 employees.
The share sale comes after the trading group saw sustained growth in the fast moving consumer goods (FMCG) retail market.
The newly appointed employee ownership trust board is focused on delivering continued growth and success for the group in all areas of the business from import, supply, wholesale and e-commerce trading.
Yorkshire-based Blacks Solicitors advised the founders of Purston Park on the deal.
John Buitekant, founding shareholder and CEO of Purston Park, said: “After 23 incredible years of building Purston Park (OTL (including its European branch) and SOL) together, we are thrilled to announce that we have transitioned ownership to an Employee Ownership Trust (EOT) guided by the wonderful team at Blacks and Brad Green and Josh Stokes at Castle Square Corporate Finance.
“This marks an exciting new era – one that secures the future of the business while honouring the dedication and hard work of the team that helped build it.
“When we started this journey, we were driven by a passion for FMCG retail. Today, as we pass the baton to the team, we do so with deep gratitude and confidence that Purston Park is in the best hands possible – those of the people who know and care for it the most.”
Led by Alex Hall, legal director and Hayley Blackburn, senior associate in the Corporate team, Blacks worked alongside KPMG’s Tax team and Castle Square Corporate Finance in the EOT transition.
Nigel Hoyle, head of the Corporate team at Blacks will also be joining the board of the new Purston Park EOT.
Hoyle said: “It’s been a pleasure to accompany John, Rowena and Rupert over the last two decades and assist with their succession plan.
“This transition into an EOT marks the start of an exciting new chapter for the company and all of its employees.”
Brad Green, partner at Castle Square Finance who advised on the share sale transaction alongside Josh Stokes, added: “We are pleased to have advised on the successful sale of Purston Park.
“We are confident that under its new ownership structure, led by an impressive management team and with non-executive support from John & Rupert, the company will execute its next phase of ambitious growth plans.”
