Birketts and Ensors advise on Employee Ownership Trust formation for Getech Ltd.
8 August 2022
Birketts and Ensors have collaborated to advise Education technology specialist, Getech Ltd in respect of its sale to an Employee Ownership Trust (EOT).
Founded in 1989, Ipswich based Getech provide a wide portfolio of solutions including hardware, software, cloud products and services to the wider Public Sector but most notably Education.
The new employee ownership structure enables the existing shareholders to gradually step back from the day-to-day running of the business, whilst displaying confidence in and motivation for the existing Senior Leadership Team to optimise the numerous exciting business opportunities, relationships and contracts.
The transfer of 81.97% of the organisation’s equity into an EOT facilitates the owners’ succession plan and in turn, benefits the company’s 80-strong workforce.
Comprehensive legal and advisory services were provided by Lisa Hayward, Employee Incentives Partner and Alexandra Nelson, Corporate Partner at Birketts, along with Ensors Corporate Finance Associate Partner, Simon Martin.
Guy Watts, MD of Getech, commented: “Making the move to an employee ownership model was a great choice for Getech. The EOT allows us to satisfy the balance of the preservation of our own SLT team and identity on the one hand, with the shareholders’ ability to structure an exit on their own terms on the other. It was a pleasure to work with both teams, their expert guidance, hands-on approach and professional attentive client service impressed us from the start.”
Lisa Hayward, Partner and Head of Employee Incentives, said of the deal: “Employee Ownership Trusts are a credible option for succession and promote sustainable long-term employment. We are delighted to have helped Getech join the ever growing employee owned sector and have every confidence they will go from strength to strength.”
Simon Martin, Corporate Finance Associate Partner concluded: “Working closely with Guy and the other shareholders together with the team at Birketts, we’re proud to have assisted in paving out the next steps for Getech. By providing initial planning & scoping, valuation, sourcing funding options and cash flow projections, we are pleased to have seen the deal through to completion.”