Tue, 04 Feb 2025 | BUSINESS SALE
Lincoln industrial engineering firm Castlet Holdings has transitioned to employee ownership. That means it will now be owned by its employees through an Employee Ownership Trust (EOT).
Founded in 1974 Castlet Holdings provides engineering services to a range of industries including aerospace, marine and ground services, industrial and ESP Power and Control such as Pulp Paper and Biomass Generation. Its clients list includes blue-chip companies such as Siemens, Tata Steel and BAE Systems.
The move to an EOT was the result of advice from Sills & Betteridge Corporate Partner Euan McLaughlin.Having provided remedial advice on various shareholder issues in the past, McLaughlin proposed to the board that an EOT was the key to the long-term stability and success of the business - which was already owned by a group of its employees.
McLaughlin collaborated with other professionals, including business consultants Mobius Group and regional accountancy practice Wright Vigar to flesh out the terms of the deal and undertake shareholder engagement.
Castlet managing director, Tim Eagles, said: “Euan provided innovative, astute legal advice with a human touch, offering comprehensive support to myself and the board at every stage of the transaction. It made a huge difference having a solicitor who had taken the time to understand the individuals and dynamics within the business, rather than just treating this as a job to complete”.
McLaughlin said: “EOTs are a relatively new phenomena which are fast gaining traction as their benefits become more widely understood – tax advantages, succession planning and social responsibility among the key motivators. They are most suited to business owners who value the future of their company and the people who helped to build it, over an immediate cash sale – and can be an excellent option where a trade sale is either unavailable or unattractive to business owners.”
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