CONSILIUM Chartered Accountants have advised EDC Group on the successful transition to an Employee Ownership Trust (EOT). Consilium provided corporate finance and tax advisory services to the outgoing owners of the business who have now sold 100% of the company shares to the trust.
EDC Group, which comprises three businesses – EDC Scotland, EDC Air Compressors and EDC North East – operates in Scotland and the North East of England. EDC provides, installs and maintains ABB variable speed drivers and motors, alongside instrumentation calibration services. Their air compressor division was created in 2016.
Discussing the decision to engage Consilium Chartered Accountants, EDC Finance Director Simon Hood said: “We decided to work with Craig Coyle and John Blair from Consilium on our Employee Ownership Trust journey based on recommendation.”
“Their knowledge and experience were apparent. They provided sound advice and support throughout the whole process. We would strongly recommend them to any company doing an EOT.”
Nick Brown, Managing Director of EDC said: “We are very happy with Consilium’s service and support. I have no hesitation in recommending them to business owners considering transferring to an Employee Ownership Trust.”
Consilium partner John Blair said: “We’re delighted to be advisors of choice for Scottish businesses exploring Employee Ownership Trusts. EOTs provide a wide range of benefits for employees such as employment protection and preserving the existing culture.”
“For outgoing owners, an EOT gives them the chance to exit the business at their own pace and maintain a role in the company’s future plans.”
The remaining EDC Group team members voted three directors to the board of the ownership Trust. These were Amy Reilly and David Kerr from EDC Scotland, and Matthew Hutton from EDC North East. Nick Brown will remain as Managing Director of the EDC Group, reporting to the Trust’s board of directors.
April Bingham of Bellwether Green provided legal advice in the transition. She said: “It was a pleasure to assist on a project that has been a long time in the planning and so important to the management team, who had a clear picture for the group’s future and wanted to build upon the strong working environment they have created over the years.”
About Consilium:
- Since its inception in 2013, Consilium has grown to a team of 55 led by partners John Blair, James Goodman, David Holt, Derek Shaw, Linzi Wilson and Craig Coyle
- The company’s mission is to help people achieve their goals – including both clients and team members
- Consilium provides comprehensive Audit, Accounting, Corporate Finance, Tax, Cloud Accounting and Payroll services to owner-managed businesses and entrepreneurs
- The firm is based in Glasgow but provides services to clients across Scotland, the UK and internationally via their membership of Kreston Global.
- For more information visit consiliumca.com
