Search Is Over For New Owners Of Family Business
A longstanding family business that rents out plant and machinery to many of the biggest events in the UK, as well as providing industrial air compressor solutions to manufacturers and businesses across the country, is now owned by its employees, after transferring into an Employee Ownership Trust (EOT).
Cathy Cook from LCF Law and Richard Search from William G Search Ltd.
William G Search Limited was established in Leeds in 1946 and employs a team of more than 120 people across offices in Leeds, Liverpool, Manchester, Nottingham and Sheffield. Its clients include compressed air users, the construction industry and many major outdoor events such as Leeds and Reading Festivals and Aintree Racecourse – where it has supplied equipment for the Grand National for almost 50 years. The firm was advised on its EOT by Cathy Cook from Yorkshire based LCF Law.
Richard William Search and his brother, Jamie have owned and run the successful business for the last 35 years. It was originally founded by their grandfather, Bill Search. Richard said: “When it came to succession planning, our children already have successful careers elsewhere, so we were keen to find the right way to secure the future of our firm for the people that matter the most – our team and our clients. We had been approached several times to sell outright to competitors and other big operators in the sector, but we felt this option did not fit with our ethos. We are a family business at heart, and we wanted to do something our grandfather, who established the business 78 years ago would be proud of.”
Richard and Jamie began exploring the EOT option after discussing it with a fellow member of the Business Alliance, which is a local business leaders’ group. They had recently been through the same process. Richard said: “Cathy and the team at LCF Law came highly recommended, so we decided to look into what it involved. The advice we were given was incredibly prudent and we felt it was the perfect solution for us.
“There are lots of benefits to the team, including tax free profit share, but most importantly they’re now all stakeholders in the company. By setting up the EOT, our team benefits from the firm’s financial success now and in the future, whilst also leaving a real legacy.
“Crucially, the EOT also safeguards the future of our people and clients for the long term. Our clients can be sure that we remain the safest and most reliable supplier to do business with – we have worked hard to build those relationships, and it was important to us that we retained our approach– so this was a big driver for us. The best people to maintain this culture are the people who have worked with us for years.”
Cathy Cook from LCF Law said: “EOT owned businesses are generally successful in terms of resilience, profitability and staff retention and one of their strengths is that the company can plan for the long term. The Search brothers needed a retirement strategy, but they didn’t want their business to be sold and split up – they didn’t feel at all comfortable with that. They wanted to leave the business in the best possible shape for the future, and as part of that process Richard will be working in the business for at least three more years to manage the transition.”
Richard added: “Of course it’s been an emotional time for us – we wanted to make the right choices and Cathy and her team made it a straightforward process that was delivered on time and within budget. We were delighted that everything went to plan. Our team are now starting to see what being an EOT means, and we are looking forward to a cracking future.”
LCF Law is an award-winning full-service law firm, which operates regionally, nationally and internationally.
With over 135 people including 24 partners across offices in Leeds, Bradford, Harrogate and Ilkley, LCF Law provides practical advice in a clear and efficient way: Law Fair + Square.
Visit www.lcf.co.uk for more details.
