Quantuma and Clarke Willmott advise Globexair on shift to Employee Ownership Trust
Globexair, a Middlesex-based company that provides logistical and cargo solutions, has transitioned to an Employee Ownership Trust. The transaction was supported by Quantuma and Clarke Willmott.
From its office in Southall, Globexair supports companies with the export and import of shipments, freight forwarding, express courier services, and customs clearance services. Through its worldwide network of partners in over 190 countries, Globexair delivers freight to places around the world, although the business has a strong focus on the route between the UK and China / Far East.
As part of its next growth chapter, the existing shareholders have decided to hand over the reins to its employees through the establishment of an Employee Ownership Trust. Selling shares to employees is a well-known approach to building a strong foundation for a company’s long-term success, among others as it ensures that employees are personally and jointly committed to a successful future.
Establishing an Employee Ownership Trust is a popular method for securing employee ownership, mainly due to its attractiveness from a tax perspective and because it based on an indirect ownership model. While employees own the shares, the shares are held for them by the Trust, which pursues goals for the collective benefit of all employees.
“Moving to an Employee Ownership Trust is a key milestone for the company,” said Peter Wigmore, founder of Globexair, on the milestone. “I would like to thank our amazing team of individuals at Globexair, as well as our loyal customers who have all been so valuable to our success as a company. I look forward to being part of this next stage of the company’s exciting journey.”
“Our employee-focused strategy will allow Globexair to build on its already strong culture of collaboration, innovation and mutual rewards.”
The dealmakers
The transaction to employee-ownership was supported by Quantuma, which provided corporate finance and tax expertise (delivered by sister company K3 Tax Advisory). Quantuma delivered the valuation of the company, formulated an optimal transaction structure for the Employee Ownership Trust, and provided transaction support up to closing.
Commenting on the project, Philippa Robinson, Corporate Finance Director at Quantuma, said: “We are thrilled to have supported the shareholders of Globexair to an Employee Ownership Trust. We admire Globexair for adopting this progressive strategy and look forward to seeing Globexair’s continued success in the future.”
Legal support to the transaction was provided by Clarke Willmott, a law firm with seven offices around the United Kingdom.
