Employees at Lowbury Construction are set to share in the company’s future after the family-owned business became employee-owned, with the assistance of Myerson Solicitors.
Lowbury Construction, based in Cadishead, Salford, and specialising in civil engineering, utilities, and building projects, has successfully transitioned to employee ownership via an employee ownership trust (EOT).
The family company was founded in 1975 and has 24 employees. It undertakes projects throughout the UK for clients including local authorities, utility providers, and educational institutions. Its work in civil engineering and utilities sees it working on a wide range of energy and renewables, public realm, enabling works, flood defence and drainage, and substation projects.
The shareholders of Lowbury Construction were advised on the sale of the company to the EOT by the corporate finance and tax teams at accountancy and advisory firm MHA.
MHA’s team was led by Tax Director Hasan Hashmi and corporate finance Partner Andrew Feeke, with support from Tax Manager Jack Swindlehurst and corporate Finance Manager Lisa Garfinkle.
Simon Nolan, Senior Associate in the corporate team at Myerson Solicitors, provided legal advice on the transaction.
Peter Flynn, whose late father, Patrick, founded the business, will continue to lead it as managing director. He said:
“We have been working with most of our customers year on year, some of them for more than 40 years. We know what they value about our relationship is our commitment to quality, value and safety, and also our people who are committed to delivering successful projects time and again.
“In exploring our options for the future of the business, our ambition has always been to ensure continuity and, in doing so, protect the interests of our clients and our people. We felt that moving to an employee-ownership model was the best way to achieve this and we are delighted to have realised this ambition.
“Our clients can be assured their projects will continue to be led by our experienced management team and that our ethos of continually investing in knowledge, skills, and the highest levels of safety, remains as important to us as it ever was.”
Hasan Hashmi, tax director at MHA, commented:
“We’re proud to have supported Peter and the team to secure the long-term future of the business in a way that protects the interests of shareholders, employees and customers alike.”
Simon Nolan, Senior Associate in the Corporate Team at Myerson Solicitors, added:
“This transition will help secure the long-term future and legacy of a well-established family business. We’re proud to have played a part in the next chapter of a Manchester success story.
“With construction now the fastest-growing sector for employee ownership – making up 14% of all EO businesses – it’s a model that clearly resonates with the industry.”
Contact Our EOT Experts
If you want to transition your business into an Employee-Owned Business, our Corporate Solicitors and EOT Lawyers have significant experience advising clients on establishing and creating EOTs.
Contact our Corporate Solicitors on:
01619414000
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