Wed, 25 Oct 2023 | BUSINESS SALE
Griffiths Waite, a technology consultancy firm based in Birmingham, has been sold to an Employee Ownership Trust (EOT). The deal, which was led by PFK Smith Cooper’s transactions tax team, reflects a growing trend for owners to pass on their businesses to employees, rather than selling to a third party.
Griffiths Waite was founded in 1994 as an IT services provider that developed bespoke applications for a UK corporate client base. Since then, the company has diversified its service offering and transitioned into being a digital product development business.
Company founder Mark Waite said that the sale of the firm to an EOT arose out of his aim of prioritising “the needs of our employees, whilst securing the long-term future of the business”.
Waite continued: "I am incredibly proud of what we have been able to achieve over the past 30 years but it is time to start looking ahead to the next chapter, and I believe that this transaction sets us up nicely for that."
Adam Rollason, Tax Partner at PKF Smith Cooper, led the transactions tax team and provided tax structuring advice and sell-side tax support to Griffiths Waite’s selling shareholders.
Rollason commented: "From the first meeting we had, it was clear to me that an EOT was the right option for all parties, and I am proud to be a small part of the transition to the new structure."
Mark Waite added: "The first-class advice and support we received from Adam and his team at PKF were instrumental in getting this transaction done. In fact, we have already recommended the team to others within the industry."
Find out more about the various factors driving the growing popularity of EOTs among business owners seeking to exit their company
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