Xeinadin, one of the leading professional services firms in the UK and Ireland, has advised Hardscape Group in its transition to an Employee Ownership Trust (EOT).
Bolton headquartered Hardscape was founded in 1992 by Mathew Haslam and has become an international business providing paving materials for use in the streets, towns, and cities. Until now it has been majority owned by Mathew and his family but, now as an EOT, it will enable employees to own the business as beneficiaries of the EOT, empowering employees, giving them genuine responsibility and ownership and entrenching the ethos and culture of the business from the top down.
Going forward, the business will be led by its existing Directors, Alex Warren, Anthony Collins, Chris Wood and Dave Lowe, assisted by a senior management team and supported by Mathew, and Nick Owen as a newly appointed Independent Trustee Board Director.
Xeinadin Corporate Finance, led by Steven Lindsay and Paul Whitney, brings together corporate finance expertise from across Xeinadin’s footprint of over 100 locations across the UK & Ireland. The team provided planning, structuring, funding and taxation advice on the transaction.
The legal advisers were CG Professional and funding was provided by HSBC,
The Xeinadin Corporate Finance team recently announced a restructure of its’ corporate finance capabilities from across Xeinadin to create a dedicated division in support of the wider growth strategy and this is one of the first clients to experience the benefits of the new dedicated team.
Xeinadin has more than1,600 employees across the UK and Ireland, and is one of the professional services market’s leading disruptors and consolidators, with annual revenues of over £100 million in its latest financial year.
Steven Lindsay, Corporate Finance Partner, Xeinadin, said: “Congratulations to Hardscape on its transition to an Employee Ownership Trust. This deal highlights the ethos and commitment of the company in putting trust in its employees and creating shared value and responsibility. This is a growing trend across the UK and brings many benefits including easing the succession process and we have now advised on a number of EOT deals. We wish Hardscape every success in the future.”
Mathew Haslam, Managing Director, Hardscape Products Ltd commented: “People are a massive part of why we achieve what we achieve, and with that in mind and to further our company ambitions we are pleased to announce that Hardscape has become an employee-owned business. This creates an enduring ownership structure with tangible employee benefits, resulting in a long-term strategic view and increased business investment, for the benefit of our customers and business partners. We are grateful for the timely strategic advice provided to us by Xeinadin Corporate Finance that enabled us to complete this transaction.”
