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Azets has advised on the transfer of Wakefield-based Sanctuary Project to an employee ownership trust (EOT), a move that sees the business become employee owned.
The Sanctuary Project, which provides accommodation and support for young people aged 16 to 25, was founded by Debbie and Mark Clough in 2006 and incorporated in 2011. The couple will remain with the company for about five years to oversee the transition.
Operating five sites in and around Wakefield, the organisation works with local authorities including Wakefield, Leeds, Calderdale, Kirklees and Barnsley.
Its services include Ofsted-regulated accommodation for children in care and care leavers, family supported living, outreach work, independent living skills, and education and training support.
Sanctuary employs 32 staff and offers a range of facilities, including shared houses and flats to help young people move towards independent living.
Azets’ deal and tax advisory team included corporate finance partner Tariq Javaid and corporate finance manager Adam Mulla. Legal advice was provided by Ward Hadaway, with Adrian Ballam and Cordelia Stephens advising.
EOTs, introduced by the government in 2014, allow companies to transfer ownership to their workforce through a trust structure. They are increasingly used for succession planning and as a tax-efficient alternative to trade sales. According to the Employee Ownership Association, there are now 2,470 employee-owned businesses in the UK.
Azets employs 335 staff across its offices in Leeds, Bradford and York.
Director Debbie Clough said: “Together, our passionate and committed team have helped hundreds of young people realise their potential. The time is now right to hand the company to its employees and let the management team take it into the next exciting stage of its development.”
Director Mark Clough added: “Transferring to an EOT ensures continuity of service and high-quality care for the young people we support. Importantly, it also means The Sanctuary Project’s distinctive culture and strong values live on.”
