A Worcestershire law firm and a national accountancy practice have played lead roles advising on the employee buy-out of award-winning Alcester software company, Vectric Ltd.
Corporate partner Clare Lang and trusts expert Gary Priest from mfg Solicitors advised Vectric founder Brian Moran and the firm’s executive board on the deal, which has seen the company’s 24 employees take a controlling stake in the business through an employee ownership trust.
Chartered accountants and tax advisors, Toby Stephenson and Jay Boyce from MHA MacIntyre Hudson structured the deal, providing tax and accountancy advice and working closely with the mfg team.
The CNC software firm, which has previously received two Queens Awards for Enterprise and International Trade, is a specialist in creating software for CNC routing, milling and engraving. Their specially-developed software helps clients to quickly create precise toolpaths and designs.
Founded in 2005 by Brian Moran, the company will continue to be headed up by managing director Edward Powell with Mr Moran stepping back from day-to-day control.
Brian said: “Vectric continues to go from strength-to-strength and while I considered many exit options, none of them protected the ethos of the company, the expertise of our staff, or the potential for software development, like employee ownership did.
“The team have fully embraced the concept of employee ownership, and are delighted that Vectric’s legacy will be protected. They will also have the chance to contribute to, and benefit from, future successes.
“They have already become more engaged in the business, realising that what each of them does will affect the future performance of the business, which is directly linked to their own success.”
Clare Lang added; “Vectric is one of the region’s most innovative and respected firms so we were delighted to play such a central role in the deal. Brian has built a hugely talented workforce and the business is set to go from strength-to-strength.”
Toby Stephenson added; “This was an excellent deal to have led and gave us the opportunity to showcase our expertise in a very specialised and complex area. Vectric has a strong platform for growth and is in great hands with its employees moving into the future.”