Independent law firm Brabners has advised executives at Trelleborg Offshore UK on a management buyout of the Skelmersdale-based business from parent company Trelleborg Group, with financing provided by Praetura Commercial Finance.

New owners, Alan Burgess and John Drury, expect that the buyout will renew focus and improve performance for its key customers in the oil and gas and offshore renewables sectors, delivering Subsea Buoyancy and Bend Protection solutions.

In a nod to its pre-Trelleborg roots, the new business will be re-named CRP Subsea Limited.

Brabners’ legal team, led by Rupert Gill and Tom Curnow, and Brabners’ deal advisory team, led by Paula McGrath and Dan Rice, worked together to advise management.

Rupert Gill, corporate partner at Brabners, said: “We are excited to see this deal complete for Alan Burgess, John Drury and Mark Newton. CRP Subsea is a superb business, with exciting prospects and an exceptional management team, and we wish the team every success.”

Paula McGrath, head of deal advisory at Brabners, commented: “This was a challenging and exciting MBO to work on, and was completed within four months. We undertook a review of the business and its plans and matched the team’s needs to the right funding partner, Praetura Commercial Finance, which was supportive of the management team and its plans.

“We have been very impressed with the depth of management’s industry knowledge and vision for growth and we are very excited to see how the business develops under the stewardship of Alan and John.”

Stuart Bates, co-founder and commercial director at Praetura Commercial Finance, said: “We are delighted to have completed this complex MBO transaction to support Alan and John with the working capital to drive success. The team has a true entrepreneurial spirit and we look forward to working with them in the future.”

Expert advice on conversion to Employee-Ownership Trust (EOT) provided by accountants and business advisors Beever and Struthers and independent law firm Brabners

North West groundwork contractor and civil engineering specialist Fitfield has put its staff at the heart of the business by becoming employee-owned.

Established in 1990, the family-owned firm switched to Employee-Ownership Trust (EOT) status to ensure that any decisions taken by the business represent the best interests of its 60-strong workforce.

Operating from Trencher Close, Atherton, Fitfield completed the transition following expert advice and guidance from accountants and business advisors Beever and Struthers and independent law firm Brabners.

Fitfield managing director John Maxwell said the switch to being an EOT would preserve the independent status and family ethos of Fitfield, provide a structure for the long-term, continue a programme of staff training and development and deliver success for all employees.

He said: “We are one of a small but growing number of businesses in the UK to adopt this truly inclusive structure. After searching for the right model to suit our business needs and preserve our family ethos, the invaluable advice and support we received from Beever and Struthers and Brabners proved that employee-ownership was the ideal fit for us.”

As a client of Beever and Struthers managed by SME partner Shelim Rahman, John sought the firm’s expertise on EOTs and worked with a specialist team of Iain Round, partner and head of private sector, partner and head of corporate finance John Jones, tax partner Jacquie Adams and tax supervisor Mai Keung Liu on the conversion process.

Key elements of the switch to being an EOT undertaken by Beever and Struthers included a valuation of Fitfield, an assessment of its funding options and tax clearance, with Iain also introducing John Maxwell to the specialist EOT legal team at Brabners led by corporate partner, Stephen Hadlow.

Iain said: “After leading on this major exercise for John and his sister Maureen over several months and having applied our expertise to the many issues involved, it became increasingly obvious that an EOT was the best option to ensure a bright future for them and their colleagues at Fitfield.”

Stephen commented: “The successful transition to employee-ownership for Fitfield is yet more evidence of the growing strength of the employee ownership sector and its advantages as a viable business succession model. We were delighted to support John and Maureen alongside the team at Beever and Struthers”.

The majority of shares in Fitfield are now held in the EOT, with the trust operating via a trust board for the benefit of the entire workforce of the business.

Mr Maxwell said “This is an important evolution of our company and we look forward to continuing to work together to develop our business and making sure Fitfield has ongoing success.”

Embracing innovative construction techniques, Fitfield provides services including site clearance, foundations, slab construction, drainage, hard landscaping and roads and sewers to clients including housebuilders Redrow Homes, Taylor Wimpey and Barratt Homes.

Beever and Struthers has previously advised on a number of similar Employee Ownership transactions (EOT) including recruitment business, GPW Recruitment. Both Brabners and Beever and Struthers are members of the Employee Ownership Association, a rapidly growing body which represents organisations throughout the UK that are employee-owned or transitioning to employee ownership.

Oldham-based PMD Business Finance has been bought by three members of its executive team – Tom Brown, Lee Schofield, and Rob Dermody.

The deal allows its two shareholders and founders – Peter Dobson and Mike Rodgers – to hand over day-to-day running of the firm, though both will retain a minority stake and continue to hold board positions.

PMD is one the UK’s largest independent business finance providers, facilitating business loans, asset finance, property and acquisition finance, invoice finance and supplier finance. Throughout the COVID-19 pandemic it has arranged over £65m of CBILS facilities.

The corporate finance and transaction tax team at MHA Moore and Smalley advised on the deal, providing valuation, taxation and deal structuring advice.

Tom Brown, director of PMD, said: “This deal marks a new chapter in our history that will cement our position as one of the UK’s largest true independents. The PMD ethos is centred around nurturing and developing talent and providing exceptional levels of customer service. I’m looking forward to continuing these values with our new management team.”

Fellow director Lee Schofield added: “As a team that understands the DNA of the business, Tom, Rob and I are delighted to have secured PMD’s long term future. We’ll build on the foundations laid by Peter and Mike and have ambitious plans to grow the business and become the UK’s leading independent asset and commercial finance intermediary.”

Founder Peter Dobson said: “This is an exciting development for our people, customers and lending partners. We’ve always encouraged our people to push their boundaries to reach their potential. Tom, Lee and Rob are a testament to that and Mike and I are proud to be passing the baton over to them. I’m confident they will take the business to new heights.”

The deal team at MHA Moore and Smalley was led by head of corporate finance Andrew Feeke and corporate finance assistant manager Rob Holgate. Colin Abrahams provided tax advice.

Andrew Feeke, head of corporate finance at MHA Moore and Smalley, commented: “Businesses like PMD are essential to the health of our economy and business community because they provide valued funding advice to business owners and broker vital lending to support sustainable growth.

“It’s been a pleasure to enhance our relationship with PMD further by assisting Peter, Mike and the management team to facilitate this deal, which ensures a bright future for PMD and the many businesses it supports.”

Chris Ross and Nina Latham at Mills & Reeve provided legal advice to Peter Dobson and Mike Rodgers on the sale of the business. Ben Dredge at CG Professional advised the management team on their purchase.

Founded in 2010, PMD has 42 staff and is predominantly focused on the SME sector, working directly with clients, through professional referrals and suppliers of business assets. With over 100 funding lines, PMD provides solutions for clients looking for loans to expand, facilities to improve cash flow, or those looking to acquire plant, machinery and vehicles. In addition, they also assist businesses in restructuring their debt along with providing finance to assist acquisitions, MBOs and trade sales.