West Yorkshire primarily based automotive dealership, Automobiles 2, has been offered by its Shareholders to an Worker Possession Belief (EOT).
The deal was suggested on by Citadel Sq. Company Finance and Freeths, with funding from Barclays.
The corporate had a turnover of greater than £191m in its final reported annual accounts and this has grown to a reported £220m in 2024.
Now using over 250 employees, Automobiles 2 has expanded considerably since its incorporation in 2006, the place it began as a single website used automotive enterprise. The rewards of future progress will now be loved by the staff, via the Worker Possession Belief scheme.
A variety of automotive companies have revently been offered to Worker Possession Trusts together with Glyn Hopkin, Anderson Clark Motor Repairs and Helensburgh Toyota.
The EOT scheme has allowed Allan Otley, shareholder, to understand the worth in his enterprise, while retaining the robust model, ethos and tradition of success in Automobiles 2.
Allan Otley stated “It has been a pleasure working with both Castle Square and Freeths. I am thrilled to be able to pass on the success of Cars 2 to the employees, and to see them rewarded for their efforts in driving the business forward”.
Josh Stokes from the Citadel Sq. Company Finance staff supplied recommendation on transaction worth, structuring, producer approval and the fundraising course of, supported by Director Kevan Shaw.
