A Lancashire provider of marketing and logistics services has become owned in its entirety by its employees, with Brabners Lancashire advising on the creation of an Employee Ownership Trust (EOT).
Granby Marketing, based in Blackburn, offers logistics and brand fulfilment services such as packing, warehousing and returns services. It also offers marketing support including direct mail campaigns and promotional print management.
The company has around 80 staff. It has worked with a range of national clients including Comparethemarket and L'Oréal as well as public sector organisations such as the Office for National Statistics.
It has been sold by its owner Joanne Kimber to its employees through the creation of an Employee Ownership Trust (EOT) which has purchased 100 per cent of the company’s shares.
The deal has been financed through a combination of Granby’s financial resources and deferred consideration.
Granby Marketing was supported by Mairead Platt and Stephen Hadlow from the corporate team at our Lancashire office, who advised Joanne on the establishment of the EOT and the sale of company shares.
Mairead Platt, senior associate at Brabners Lancashire, said: “Employee Ownership Trusts have become increasingly popular as an exit route for business owners over recent years, providing a viable alternative to a trade sale or management buyout.
“The structure of this deal will support the senior management team while allowing Jo’s experience and expertise to contribute toward the firm’s future growth. Granby Marketing has a clear vision about its future direction, and it was a pleasure to work with Jo and the rest of the Granby team throughout the transaction.”
The trust will be governed by Joanne, alongside Andrew Gregson, operations director, and Caroline Noblett, finance and people director, allowing Joanne to remain involved in Granby while taking a step back from managing the business full time.
Joanne said: “Since I purchased the company in 2013, it’s been a personal ambition to build a business that is truly focused on helping both our clients and our people to thrive and grow. Granby has expanded and diversified over that period and we have a huge range of skilled staff with different backgrounds and areas of expertise.
“Becoming employee owned will allow our team to contribute more than ever before to Granby’s and our clients’ success, and ensure we are as sustainable and innovative as we can be in the years ahead.”
Azets also supported the deal, providing advice on tax and other matters.
