Transitions tax team leads on sale of order fulfilment provider to employee ownership

My Warehouse, a leading provider of ‘pay as you go’ fulfilment services, has been sold to an employee ownership trust (“EOT”), in a deal led by the transactions tax team at PKF Smith Cooper.

Founded in 2009, My Warehouse works predominately with start-ups and low-volume online retailers using a simplified ‘pay per order despatched’ model, allowing customers to focus on the growth of their businesses without incurring any additional charges.

The EOT concept was born out of a government-backed initiative, designed to promote employee ownership, by giving all employees a significant and meaningful indirect stake in the business, including a say in how it is run.

The PKF team comprised Tax Partner Adam Rollason and Tax Manager Nick Skidmore, who provided tax structuring advice on the deal, and sell-side tax support to each of the selling shareholders.

Legal advice on the transaction was provided by Alison Scott and James McFarlane of HCR Legal.

Andy Reedman said: “It feels incredible that we are able to reward our employees for all of the hard work they have put in to helping us build such a successful business. I am confident that My Warehouse will continue to thrive under Karen’s leadership, and we wish her all the best for the future.

“We would also like to place on record our thanks to Adam, Nick, Alison, and James, who together helped us to navigate the complex world of EOT transactions with patience and wisdom.”

Adam Rollason said: “EOT’s are becoming an increasingly popular succession planning option for owner managed businesses in the current climate.

“It was a pleasure to work with Andy and the My Warehouse team on this transaction, and we wish them all the very best in their future endeavours.”

Pictured (L-R): Adam Rollason and Nick Skidmore