BBS completes on sale of Warwick and Warwick to its employees • BBS Law
BBS are delighted to have acted for the shareholders of Warwick and Warwick Limited, a Warwickshire-based auctioneer which specialises in collectibles such as stamps, medals, vintage toys and coins, in relation to the sale of the company to an Employee Ownership Trust (EOT).
The company is now an employee-owned business and full control of the business has been passed to the employees, who will be entitled to a share in the ownership and profits of the business for as long as they remain at the company and certain criteria have been satisfied.
An EOT is an ownership structure for private companies where companies are owned by their employees which enables the incentivisation and engagement of employees and provides the benefits of employee ownership not just for the employees and the business but also for the wider company. It also offers significant tax advantages both to the employees and to existing shareholders.
The BBS corporate team have established a specialism in EOT transactions and the Warwick and Warwick Limited deal is the latest in a number of successful EOT sales which we have been involved with.
BBS congratulates our clients on the successful outcome of the transaction and wishes the EOT and the company every success in the future.
Dov Black, Rebecca Mills and Paul Stedman advised on the EOT from BBS. Advice was also provided by Martin Cooper and Emily Sloane from the rewards and incentive team at RSM UK.
