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Hazlewoods Corporate Finance team has recently advised a Bluebird Care Group franchise on the transfer of five of its branches into an employee ownership trust (EOT).
The EOT now means that over 229 carers across the Chichester, Epsom and Kingston, Reigate, Sussex Weald and Sutton divisions will now have a beneficial interest in the business, which directors, Paul and Kate Barry, believe will “maximise [their] positive impact on local people who provide and receive care.”
Barry said: “We are consistently amazed by the skill and dedication of our care teams and have every faith that the care services we have built will thrive under their guidance.”
She will continue as managing director, and Paul will become a director of the trustee company holding the shares on behalf of staff, so as to ensure a seamless delivery of the beneficial ownership to their respective teams.
The corporate finance and tax specialists within the healthcare team supported Bluebird Care with the EOT, providing financial and taxation due diligence.
Tom Woodcock, Hazlewoods tax partner, said: “It was a pleasure to work on this EOT – it’s certainly a new and exciting chapter for these Bluebird Care management and care teams, one which I’m sure will flourish. We wish them the best going forward.”
John Lucas, Hazlewoods corporate finance partner, adde: “EOTs are becoming a recognised exit solution for health and social care businesses, where owners do not want to sell to the larger corporate operators, or to private equity. We expect to announce further EOT transactions over the coming months!”
