Thu, 05 Sep 2024 | BUSINESS SALE
A Leeds-based metal treatment specialist has moved to employee ownership. Leeds Galvanised Holdings, via its wholly owned trading subsidiary Leeds Galvanising and Powder Coating Limited (LGPC), has transferred its entire shareholding to its 80-strong workforce through an Employee Ownership Trust (EOT).
The company was established in 2009 as a small local galvaniser and has grown organically to reportedly become the north of England’s largest galvanising and powder coating plant.
LGPC is based at longstanding machining and metalwork site Albion Works and undertakes a wide array of projects, including construction steelwork, ironwork, balconies and fencing. The company has carved out a niche in the architectural steel market.
Under the stewardship of Managing Director Simon Kelly, who co-founded the business alongside Michael Kelly, the company has grown its revenues from around £6 million in 2019 to £10.4 million last year.
Following the sale to the EOT, Simon Kelly, who will remain as MD, commented: "LGPC has always been passionate about its people and they have been unswerving their loyalty and commitment to the business.”
"This EOT is just reward for their hard work and talent and the key role that they have played in making LGPC the success it is today as the largest business of its kind in the north of England.”
"Transferring the company into employee ownership also ensure its values and culture live on for the next phase of its growth and means that we can look forward to an existing future together."
A team from accountancy firm Azets UK, comprised of corporate finance partner Tariq Javaid, tax senior manager Karen Sadler, corporate finance manager Richard Weston and corporate finance executive Patrick Cree, provided deal and tax advisory services on the transaction. Legal advice was provided by Joanna Jowitt and Emma Wilson at Mills & Reeve.
Tariq Javaid said that LGPC had “built its success on high-quality expertise” and that the company is “well suited to employee ownership with a distinctive family culture and strong values as well as a deeply committed and highly experienced team of employees.”
Javaid added that the new EOT ownership structure “places the business in a confident position for future growth."
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