Birmingham tech consultancy acquisition by EOT
Griffiths Waite, a prominent Birmingham-based technology consultancy firm, has undergone a significant transition by being acquired by an Employee Ownership Trust (EOT). The transaction was orchestrated by PFK Smith Cooper’s transactions tax team, marking a noteworthy shift in the trend of business owners choosing to empower their employees by transferring ownership rather than opting for traditional third-party sales.
Established in 1994 as an IT services provider specialising in custom applications for a UK corporate clientele, Griffiths Waite has since evolved into a digital product development enterprise, broadening its service portfolio and vision.
Company founder Mark Waite said that the sale of the firm to an EOT arose out of his aim of prioritising “the needs of our employees, whilst securing the long-term future of the business”.
Waite continued: “I am incredibly proud of what we have been able to achieve over the past 30 years, but it is time to start looking ahead to the next chapter, and I believe that this transaction sets us up nicely for that.”
Adam Rollason, Tax Partner at PKF Smith Cooper, spearheaded the transactions tax team, offering expert guidance on tax structuring and delivering essential sell-side tax support to the selling shareholders of Griffiths Waite.
Rollason commented: “From the first meeting we had, it was clear to me that an EOT was the right option for all parties, and I am proud to be a small part of the transition to the new structure.”
Mark Waite added: “The first-class advice and support we received from Adam and his team at PKF were instrumental in getting this transaction done. In fact, we have already recommended the team to others within the industry.”