EOT deal creates 'Rubicon People Partnership'!

 06/Apr/2021 08:00:00

Today Rubicon People, the dynamic South-West-based recruitment agency built over the last 20 years by Lloyd Banks & Jocelyn Browne, announced its historic transition to employee ownership through the sale of 100% of the business to an Employee Ownership Trust.

The founders had retained David Young of Shield to advise on future exit planning issues and he identified sale to an EOT as a perfect way forward: it allowed the founders to continue in their current management roles indefinitely, pending the development of firm successions plans over the next few years, while enabling them to crystallize (capital gains tax free) the market value of their shareholding, with the aid of a vendor loan from the EOT, to be funded in due course by the business.

For the staff, Employee Ownership will avoid the kind of post acquistion integration trauma that often follows a trade sale, will strengthen the existing strong sense of teamwork and camaraderie, and enable bonuses to be paid tax free (up to HMRC limits).

It is heart-warming to see such a strong Win/Win solution all round!

Rubicon 25pc

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