A Cheshire-based managed IT services, support and consultancy firm has become employee-owned.
Life IT is a £4m-turnover business based in Wilmslow, and is the latest to see its shares transferred over to an Employee Ownership Trust.
It was established in January 2000 by managing director Jill Sherratt, with the current management team continuing to lead the business following the transformation.
Ms Sherratt said: “We have an extremely hard-working, committed team at Life IT and it’s fantastic to be able to give our people a share in the business’ future success.
"2020 is our 20th year in business and it felt like the right time to transform the ownership structure of the company.
“Employee ownership is a perfect fit with our culture, ethos and our plans for the future and the swift process meant we were best placed to focus on growth.”
The corporate team at JMW Solicitors advised Life IT on the transaction.
Mark Heppell, partner, said: "We’re very pleased to have been able to advise Jill and the Life IT management team with their growth strategy over a number of years through to them exiting and becoming employee-owned.
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“Employee Ownership has become a popular alternative to ‘traditional’ exit options for business owners, such as MBO or trade sale - particularly those seeking a succession route that allows them to remain involved with the business, but allows employees to share in its future growth and success.”
JMW has seen an increase in interest in Employee Ownership in recent months, which it said was driven by anticipated changes to entrepreneurs relief and the wider Capital Gains Tax regime from Spring 2021, making the process more tax efficient.
Mr Heppell added: “Anticipated changes to Entrepreneurs Relief and the wider Capital Gains tax regime may make the process much less tax efficient for business owners - we advise those considering EOT to start those conversations sooner rather than later.”