Taking control

Employee buy-outs are on the rise. Mary Erb, partner at law firm Fieldfisher, is increasing awareness of the option in the North West.

What is the deal?

The sale of 80% of the share capital of the holding company of Tonic Construction, a civil engineering and groundworks contractor based in Wiltshire, to an employee ownership trust. Managing director Tony Iles, along with his wife and finance director Deborah Iles, founded the business in 1999. They sold the shares for an undisclosed amount and retained a 20% stake. In the year to March 2018, the business had turnover of £29m and 166 employees.

About the article

Read the full article in the Corporate Financier November 2019 edition. Access this magazine as well as our extensive archive brought to you by the ICAEW Corporate Finance Faculty.