The Budget Q&A
Our experts unpack the key announcements of the highly anticipated Autumn Budget, explore the implications for businesses and individuals, and answer your questions live.
Bernard Sims Associates
Supporting another Employee Ownership Trust
About Fullbrook Ventures Limited trading as Bernard Sims Associates
Fullbrook Ventures Limited, an independent construction health and safety consultancy, were first introduced to us by their lawyer, Christian Wilson, in April 2020. Headquartered in Guildford, Fullbrook Ventures Limited trades as Bernard Sims Associates and has offices in Leeds, Manchester and Staffordshire with other locations in Scotland, Wales and the South West of England.
Initially, the Strategic Corporate Finance team at Price Bailey, led by Simon Blake, were engaged to conduct a valuation of the company to help the founders consider their future succession plans. On completion of the valuation in July 2020, the founders decided to pursue their desire to future proof their business to enable them to start their plan to step back from so much of the day-to-day running of the business and to concentrate on the future succession.
Working alongside their lawyer, we advised the founders on structuring the sale of 60% of the shares in the company to an Employee Ownership Trust (EOT). Having already conducted the valuation for the company, we worked with their management accountant to assess the current financial position, to understand the cash and funding available for the EOT, and what future performance was expected. In addition, we conducted scenario planning with the founders in order to assess the impact of different structures for the EOT both for the business and with regard to the repayment of vendor loans. Meanwhile, their lawyers ensured that the management team and employees understood the structure and meaning of the intended sale.
Once the terms of the EOT scenario were agreed, the Strategic Corporate Finance and Tax teams at Price Bailey supported the company in applying for HMRC clearance for the EOT transaction and received confirmation of clearance within three weeks; this was a quick turnaround, with clearances typically taking up to 28 days to be confirmed, and some taking slightly longer if HMRC has queries. Following completion of the transaction, we were able to introduce the founders to our personal tax colleagues who have subsequently engaged Price Bailey to look after their personal tax requirements.
We were very pleased to assist Fullbrook Ventures in what promises to be a very exciting next step for their business, and we look forward to seeing what the future holds for them all.
We can help
Contact us today to find out more about how we can help you
Read our insights here
The treasure hunt: How to source suitable acquisition targets
For ambitious leaders, mastering the art of identifying acquisition targets opens doors to accelerated growth, new capabilities, and transformative impact. In this article we will review the strategies and insights necessary to unearth promising acquisition candidates.
Protecting your pension: How the new Inheritance tax rules will affect doctors
For doctors balancing NHS and private pensions, the upcoming changes to to IHT and unused pension funds is a shift worth preparing for...
Touchdowns and till receipts: How the NFL London Games are powering the capital’s hospitality and retail economy
In this article, we explore how the NFL London Games are boosting the capital’s hospitality and retail economy, from full hotels and packed restaurants to the growing fan economy that keeps tills ringing long after the final whistle. We also look at what businesses can do to capitalise on these opportunities, turning short-term surges into long-term growth.
