Pierce advises conservatory manufacturer on its sale to an EOT

Blackburn-based Pierce Corporate Finance is delighted to announce the completion of a project that sees the ownership of Westbury Garden Rooms transfer to an Employee Ownership Trust (EOT).

Founded in 1988 by Jonathan Hey, Westbury Garden Rooms designs and manufactures bespoke glazed and timber buildings, including orangeries, conservatories, garden rooms, kitchen extensions and pool houses. Westbury has earned a deserved reputation for the excellence of its products and the service provided to its customers.

The business is proud to hold a gold accreditation from Investors in People and is strongly committed to the development of its employees.  Over 36 years the workforce has grown from an initial 6 people to the current team of 56.

Jonathan Hey, Chairman of Westbury Gardens concluded that selling the long-established business to the trust will ensure the long-term sustainability of the business while recognising the hard work and dedication of the employees and protecting their jobs.

The Pierce Team led by head of corporate finance, Kevin Steven, and tax director, Dominic Ball, provided advice on valuation, financial modelling, structuring and taxation, to facilitate the sale to the EOT. In addition, Pierce has assisted with the implementation of an Employee Management Incentive Scheme.

The EOT will appoint three trustees including Jonathan Hey, employee trustee Agnes Czechowska and independent trustee Michael Welsh. Jonathan will continue to support the business over the next four to five years to safeguard the success of the transition to employee ownership.

Jonathan Hey said, “I strongly believe that becoming an Employee Owned Business will be a progressive step for Westbury, not only safeguarding jobs but enabling staff to benefit from the future of the business's long-term success. As an employee-owned business, I am greatly excited about what can be achieved in the future. Kevin and his team have been outstanding throughout the whole process.”

Kevin Steven, head of Pierce Corporate Finance, added: “It was a pleasure to work with Jonathan and the team at Westbury. We look forward to seeing the business continue to grow and achieve further success under Employee Ownership.”

Jenny Burke and Gemma Catlow of Forbes Solicitors provided legal advice.