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FRP Advisory has successfully advised a Wickford-headquartered manufacturer and supplier of steel reinforcement and prefabrication products on becoming employee-owned.
Lemon Groundwork Solutions (LGS) specialises in providing groundwork materials to a range of residential, commercial and infrastructure construction projects worldwide that have been used in the construction of major projects such as Kensington Palace Gardens, the London Olympic village and Wembley City.
The transition to employee ownership follows a period of strong growth for LGS, which has seen its offering evolve and enjoy a significant expansion of its client base following a partial management buy-out in 2016. LGS currently has an annual turnover of £50m with more than 100 employees and additional bases in Rugby, Warwickshire and Rochford, Essex.
Kevin Childs, executive chairman at Lemon Groundwork Solutions, said: “We’re committed to creating a working environment that promotes employee loyalty, and our move to employee ownership will do just that – by allowing our teams to be even more invested in the future growth of the business.
“The support of the FRP Corporate Finance team ensured the sale was completed incredibly efficiently, and the team was instrumental throughout in providing helpful advice at every stage of the process.”
FRP was appointed lead advisers to structure the deal, provide financial modelling, prepare a comprehensive business valuation, and submit the relevant tax clearances to HMRC. The sale ensures LGS will maintain its existing collaborative culture, whilst enabling the management team to incentivise all staff on the next stage of the journey.
Regarding the deal, Jon Dodge, partner at FRP Corporate Finance, said: “We’re proud to have advised Lemon on achieving its’ latest milestone, which will maintain the well-established culture of the business, cement its position as an employer of choice and empower its teams to drive the business forwards on the next stage of its growth journey.”
