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Consilium Chartered Accountants has advised EDC Group on its transition to an employee ownership trust (EOT).
The firm provided corporate finance and tax advisory services to the outgoing owners of the business who have now sold 100% of the company shares to the trust.
EDC Group, which comprises three businesses – EDC Scotland, EDC Air Compressors and EDC North East – operates in Scotland and the north east of England. EDC provides, instals and maintains ABB variable speed drives and motors, alongside instrumentation calibration services. The company’s air compressor division was created in 2016.
Simon Hood, finance director of EDC Group, said: “We decided to work with Craig Coyle and John Blair from Consilium on our employee ownership trust journey based on recommendation.
“Their knowledge and experience were apparent. They provided sound advice and support throughout the whole process. We would strongly recommend them to any company doing an EOT.”
Nick Brown, managing director of EDC Group, said: “We are very happy with Consilium’s service and support. I have no hesitation in recommending them to business owners considering transferring to an employee ownership trust.”
John Blair, partner at Consilium, added: “We’re delighted to be advisors of choice for Scottish businesses exploring employee ownership trusts. EOTs provide a wide range of benefits for employees such as employment protection and preserving the existing culture.
“For outgoing owners, an EOT gives them the chance to exit the business at their own pace and maintain a role in the company’s future plans.”
