Pharmaceutical research firm Plus-Project has completed an employee buyout worth £2m.
Employees at the contract research organisation (CRO), based at Alderley Park in Cheshire, now own a 67.5 per cent share of the company through an employee ownership trust (EOT).
The deal, which was supported by the corporate team from independent law firm Brabners, means Plus-Project is thought to be the first CRO in the 海角视频 to become employee owned.
The company’s founder, Michael Wall, said that the new ownership model was intended to empower Plus-Project’s 26-strong team to further support the company’s growth.
The firm now plans to double the size of its workforce across its three international bases in the 海角视频, Poland and Ukraine.
Wall said: “We’ve always been a people-focused business so becoming employee-owned is a natural step for us.
"Our value as a research partner depends entirely on the expertise and talent we have at our disposal so it is only right that we create an environment where those same employees are truly bought into and feel part of the company’s future.
“We received invaluable support from the team at Brabners in what was a complex deal process. Our aim now is to expand the cohesive team we already have in place and build on the success we have achieved since the company was formed six years ago.”
Most Read
Stephen Hadlow, partner at Brabners and lead adviser on the deal, said: “This a further great deal for our employee buyout team, which has a growing reputation and impressive track record for delivering EOT deals.
Want more business news straight to your inbox?
BusinessLive is your home for business news from around the country - and you can stay in touch with all the latest news through our email alerts.
You can sign up to receive morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
“The EOT model is an excellent way for business owners to achieve a full or partial exit whilst also maintaining and enhancing a hard-won business legacy and employee-centred culture.
"The opportunity to become part of an employee owned business will be an invaluable selling point for the firm as it looks to attract additional talent both here in the 海角视频 and on the continent.”
Plus-Project was founded in 2014 and provides statistical analysis and programming services to the pharmaceutical and biotechnology industries, supporting the creation of new drugs.