Tue, 03 Dec 2024 | BUSINESS SALE
Tibard, a 45-year old uniform manufacturer, has transitioned to employee ownership. It will now be run by its 70 staff through an employee ownership trust called Tibard EOT Ltd.
The Tameside, Greater Manchester group was set up in 1979 by John and Sue Shonfeld in a spare room at their home. It designs and manufactures uniforms for staff working in sectors from hospitality and leisure to healthcare and facilities management.
Its clients, across the UK, Ireland and Europe, include the NHS, Wagamama, and Marriott. It also distributes the premium chefs’ wear brand Oliver Harvey, formerly a sister company, which is now part of the EOT.
The deal involves the Shonfeld family and Tibard’s senior management team selling their shares to the newly-created trust. Managing director Ian Mitchell, finance director Denise Shacklady and operations director Andy Shackleton will continue to lead the £10 million turnover business.
John Shonfeld, who was Tibard’s chairman, remains involved in the business as a trustee on the board of the EOT.
Dave Wilson, an experienced business adviser who is on the board of numerous employee ownership trusts, has joined the Tibard EOT board as an independent trustee.
Ian Mitchell said: “We had several approaches and offers from trade and private equity buyers but, having looked at the various options, we felt that employee ownership would be best for the business and offer the brightest future for our team. These were key considerations for all of the shareholders as succession planning was being discussed.”
The move to employee ownership follows a deal in the summer which saw Tibard’s laundry rental division sold to a national laundry group for an undisclosed sum.
Mitchell added: “Once the sale of our laundry rental business was completed, it was full steam ahead to achieve a successful transition to an EOT. We are now fully geared up to focus on our direct sale operations and are looking at some significant projects for the coming months."
A team at business advisory firm HURST acted for the shareholders on the transfer to employee ownership.
Mark Heppell at JMW Solicitors provided legal advice. Paul Johnson and Hollie Walsh at law firm Ward Hadaway advised the employee ownership trust.
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