Brabners advises on Lancashire lens manufacturer’s employee ownership transition

When the directors of Morecambe-based Optimum RX Group — an ophthalmic manufacturing company with a global distribution network — sought options for succession, they came to our specialist employee ownership trusts (EOT) team. 

We advised on the establishment of an EOT and how to transition the company to an employee ownership model — a structure that gives owners an exit option while ensuring that employees benefit from the future growth of the business.

Options for business succession

Optimum manufactures prescription Rx lenses, advanced specialty lenses, free form lenses and provides coating and glazing services for opticians, optical laboratories and hospitals.

Its owners were considering several different options for succession and the future of the business when they came across employee ownership. 

After discussions with their tax and finance advisors, Beever & Struthers, they met with members of our corporate team based in Lancashire — including Senior Associate Mairead Platt and Solicitor Danielle Phillips — who advised on the establishment of the EOT and advice associated with the EOT ownership model and assisted with the project management of the transition. 

Exciting opportunity for growth and innovation

Optimum’s directors, Paul Bailey and Mark Marland, said: "We deeply value the talent and dedication of our team members. That's why we've embraced this change to acknowledge their hard work in a meaningful way. Our employees now have a stake in the company through trust, solidifying our commitment to long-term success and sustainability.

We see this transition as an exciting opportunity for growth and innovation. As an EOT company, we anticipate increased employee engagement and productivity, which translates into better service for our customers.

It also ensures the stability of the company, protecting the interests of both employees and customers.”

Experts in employee ownership

We're looking forward to continuing to advise Optimum’s EOT board to help ensure the company’s long-term growth under its new ownership structure. We're continuing to advise the firm on Enterprise Management Incentives (EMI) share options and Mairead has joined the board as an independent adviser.

EOTs are growing in popularity for businesses of all sizes, both in Lancashire and across the UK. We work closely with the Employee Ownership Association (EOA) as part of our specialist adviser status and businesses are recognising us as real experts in the sector.

To find out more about why employee ownership might be the best route for your business, talk to us by giving us a call, sending us an email or completing our contact form below.