Crowe teams up with Legal Clarity to advise Plastic Coatings Ltd on move to employee ownership
Specialist advisors at national audit, tax, advisory and risk firm Crowe and law firm Legal Clarity have helped a Kingswinford company transition into a new ownership model.
Corporate finance partner Andy Kay and tax partner Rob Gunn guided Plastic Coatings Ltd as the company shareholding was sold to an Employee Ownership Trust (EOT).
Gary Davie and Jane Jevon at Birmingham law firm Legal Clarity advised on the legal aspects.
The change comes as the company celebrates 70 years and Plastic Coatings Ltd now joins more than 700 other organisations in the UK, that have become EOT owned since EOTs were introduced in 2014.
Andy Kay said: “The exiting shareholders felt that an EOT would be a great way to reflect the unique culture of Plastic Coatings Ltd and its employees, while providing continued independence, business security and sustainability as the company looks to its future.”
Corporate partner at Legal Clarity, Gary Davie, said: “More and more business owners are coming around to the view that employee ownership is an ideal model to preserve the company culture and help it grow. We supported a number of EOT transitions in 2022 and 2023 is showing further growth in demand for this succession option.
“With close client relationships already in place and a structure that rewards talent across the organisation, it can make very sound sense to leave the company to those people who made it a success.”
Plastic Coatings’ chairman Jeremy Stoke said: “There won’t be any change to our day-to-day operations. The management team at Plastic Coatings Ltd remains in position and, along with the wider team at our Kingswinford site, we continue to be fully committed to providing our customers with a wide range of high quality coatings and related services with excellent turnaround times.”
“The change of ownership at Plastic Coatings Ltd comes as we celebrate our 70th year and really secures the company’s future as an independent, forward-looking organisation. It marks the start of an exciting future for our highly skilled and committed team.”
Plastic Coatings Ltd provides the widest range of coating materials including thermoset and thermoplastic polymers, fluoropolymers, electrophoretic or E-coat paint, primers and more.
The company services a wide range of industrial sectors from automotive to aerospace, construction to defence and offshore, to medical.
It has industry and supply chain approvals from major bluechip organisations such as Rolls-Royce, BAE Systems, Airbus, GKN Aerospace, Nissan, Ford, Jaguar Land Rover, JCB, British Telecom and many more.
- Miriam Sherwood, Director, People Communications & Marketing, Crowe UK. Tel: (0)121 543 1900, firstname.lastname@example.org
Notes to Editors:
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