About Kerslake Construction Ltd.
We were first introduced to Kerslake Construction Ltd in June 2021 following a web enquiry from Tony Manning, the founder’s existing advisor. Based in Halesworth, Suffolk, Kerslake Construction Ltd is an independent construction company specialising in private residential projects across Suffolk and the surrounding area.
The Strategic Corporate Finance team at Price Bailey, led by Simon Blake, were engaged to support the business’ founder and 100% shareholder, Will Kerslake, to realise some of the value from the growth that had developed over the years and secure his succession to ensure the successful continuation of the business in future years. Working alongside Will’s other advisors and lawyers, the team at Price Bailey advised the owner shareholder on structuring the sale of 60% of his shares in Kerslake Construction Ltd to an Employee Ownership Trust (EOT).
To do so, we first conducted a valuation for the company and ensured there was sufficient cash and funding available for the EOT both now, and in the future. Once the terms of the EOT were agreed, the Strategic Corporate Finance and Tax teams at Price Bailey supported the founder with submitting an application for HMRC clearance on the proposed EOT transaction. Having successfully received clearance, the transaction completed in January 2022.
During the process of the transaction, one of the existing members of the management team, Jon Mortimer, became a Director alongside Will and together they are already looking to capitalise on a number of potential growth opportunities available. Over time, this will also enable Will to step back from the business as he transitions towards retirement.
We were delighted to have supported Kerslake Construction Ltd in its sale to an EOT. A move that not only reinforces the family-orientated culture within the business, but also marks an exciting next step for the business.