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BBS are delighted to have acted on behalf of founder and managing director, Paul Crudge, in relation to the sale of his company, Pro-Networks, a North Wales-based IT support services specialist, to an Employee Ownership Trust. Dov Black and Rebecca Mills provided the Corporate advice on the transaction, assisted by Paul Stedman, who acted on all Employment and Trust aspects. This is the latest in a number of EOT transactions that our specialist EOT team have worked on over the past 2 years.
An established and successful business for over 20 years, with 350 customers worldwide, Pro-Networks has joined a host of other companies across the UK, which have adopted an employee ownership model since it was first introduced by the UK Government in 2014. Renowned EOTs include John Lewis Partnership, Richer Sounds and Aardman Animations.
Chief executive Geoff Coote said: “A great deal of effort and planning went into structuring this deal with the interests of customers and employees as the absolute priority……we are very excited for what lies ahead for us as a business following this change in structure.”
Dov Black commented, “We are delighted that our experience with EOT transactions enabled us to provide a great result for our client”. BBS is delighted at this outcome for a longstanding client and looks forward to working closely with the company and EOT in the future.