Law firm Womble Bond Dickinson has helped a technical consultancy for the defence sector to move to an employee-owned model.
WBD acted for the shareholders of Engage Technical Solutions Limited in the sale to the trustees of a newly formed Employee Ownership Trust.
Based in Wiltshire, Engage Technical Solutions specialises in providing solutions to complex UK defence technology needs.
Introduced by the government in September 2014, the Employee Ownership Trust model aims to encourage more shareholders to set up a corporate structure similar to the John Lewis model, to facilitate wider employee-ownership via an indirect holding.
Advice was provided to the shareholders by tax partner Jeremy Smith and corporate law specialist Stacey Hall, both based at WBD’s Newcastle office. Managing associate Angelene Chester also provided advice on, and obtained clearances required by, the National Security and Investment Act 2021 which came into force at the start of the year. RVE Corporate Finance provided the corporate finance advice to the client.
Engage Technical Solutions CEO David Gagen said: “We are delighted to have worked with Womble Bond Dickinson to make the Employee Ownership Trust a reality. We couldn’t have done it without the advice, support and technical expertise of the WBD team.”
Jeremy Smith at WBD commented: “I am delighted to have been part of the team to help Engage Technical Solutions through this process and support their ambitions to move towards employee ownership.