Fri, 22 Nov 2024 | BUSINESS SALE
A West Yorkshire yarn manufacturer that dates back to before the First World War has transitioned to employee ownership. That means that Baildon-headquartered Laxtons Specialist Yarns will now be owned by its staff through an Employee Ownership Trust.
Laxtons was founded by George Laxton and Gordon Holmes in 1907 soon developing the first light weight mohair suiting fabric in the world. It has now expanded to supply yarns to clients across the UK and more than 20 overseas markets.
James Laxton, fourth generation owner and managing director, hopes the transition into employee ownership will drive the business forward, retaining its culture and Yorkshire identity while putting all 30 employees at the heart of decision making. The EOT also means employees will now hold an indirect stake in the business.
Laxton, who has been managing director since 2001, will continue in his role under the new model, to help ensure a smooth transition. Carly Smith, sales and marketing director designate, and Paulius Ramanauskas, operations director designate, will also help lead Laxton's new direction.
Laxton said: " This transition ensures that Laxton's legacy will endure, supported by a team that’s truly invested in its future. With this shift, we’re not only securing our legacy but also empowering everyone at Laxton’s to actively shape our future. As an employee-owned business, we look forward to building an even stronger foundation in the industry we love. This monumental change reflects our deep commitment to our people, our legacy and the British wool industry.”
Laura Marks and Martin Cooper from the Share Plans and Reward team, alongside Tim Parr, at audit, tax and consulting firm RSM UK advised on the deal, providing structuring and tax advice.
Marks, associate director at RSM UK, said: "We recognised the importance of finding a solution which supported Laxton’s long-term ambitions while retaining the company's Yorkshire history and legacy, as well as preserving its culture for the future. The transition to employee ownership reflects the company's commitment to its people by empowering them to actively contribute to its future.”
Find out more about how Employee Ownership Trusts could work for your business
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