Precision Facades & Ellis & Co: Building an Ownership Legacy

A Partnership to Reward Success and Secure the Future Through Employee Ownership

Client: Precision Facades

Services: Accounts, Tax, Business Consultancy, Employee-Owned Trust (EOT) Transition Advisory

Precision Facades is a successful Cheshire construction firm renowned for delivering high-quality facade solutions. The company’s directors have always understood that their success is driven by the dedication and hard work of their team. With 46 dedicated staff members, they sought a way to formalise this value by securing the company’s legacy and rewarding the people who truly drive its performance.

The Challenge: Transitioning to 100% Employee Ownership

The leadership at Precision Facades made a visionary decision to transfer 100% ownership of the business to its staff by establishing an Employee Owned Trust (EOT).

While the decision was clear, the path was complex. Transitioning a successful, established firm to an EOT requires intricate financial, legal and tax planning. Hence, the directors needed a financial partner who could not only manage the existing accounts and tax liabilities but also provide strategic, specialist advisory services to manage the transfer without disrupting ongoing business operations. 

They needed expert assurance for a compliant, seamless and fair handover.

The Solution: Strategic Advisory and Seamless Execution

Which is why, here is where Ellis & Co comes in. Already established as Precision Facades’ trusted partner for ongoing accounts, tax and business consultancy, stepped up to lead this crucial transition.

Under the direction of John Moorhouse and John Farrell, the Ellis & Co team provided targeted, strategic advice specifically for the EOT structure. This involved:

1. Detailed Financial Modelling: Ensuring the EOT structure was financially viable for the long term.
2. Tax Planning: Optimising the structure to maximise benefits for both the outgoing shareholders and the new employee owners.
3. Project Management: Working collaboratively with legal advisors, including RSM UK, to navigate the legal requirements and ensure a smooth process.

This partnership approach allowed the Precision Facades management team to focus on daily operations while having complete confidence that the complex financial and structural requirements of the EOT were in expert hands.

The Result: A Rewarding Handover

The transition was executed successfully, resulting in the transfer of 100% ownership to the 46 members of staff. 

Precision Facades is now a thriving Employee-Owned Trust, securing the future of the company and establishing a profound mechanism for rewarding its team.

This milestone is a powerful demonstration of Precision Facades’ commitment to its people and a testament to the value of a comprehensive, strategic financial partnership. Together with the ongoing relationship with Ellis & Co, it ensures the new EOT structure remains compliant and financially stable as the company continues its successful journey. Especially now with the added energy of 46 staff-owners at the helm.

Hear what Managing Director, Steven McGowan, has to say:

“Ellis & Co are definitely more than just our accountants. We see them as an essential business partner of Precision Facades. The Johns and the team provide comprehensive support that covers all our needs, from managing our accounts and tax affairs to providing business consultancy. Most recently, they helped us in the most significant transition in our company’s history — becoming an Employee Owned Trust (EOT), where we transferred 100% ownership of Precision Facades to our 46 dedicated staff members. 

The Ellis & Co team worked diligently alongside RSM UK to advise on the structure and ensure a seamless and rewarding handover for everyone involved. It’s fantastic to be able to reward the people who truly drive our success, and we couldn’t have achieved this milestone without the trusted, expert support of Ellis & Co. We look forward to many more years of working together.”

John Moorhouse, one of the Directors at Ellis & Co, mentioned: 

“It was incredibly rewarding to play a part in this milestone decision for Precision Facades. We handle their daily accounts and tax, but assisting them with their transition to an EOT, I believe, allowed us to deliver true strategic value. It’s inspiring to work with a successful company so committed to rewarding the people who drive its growth, and we are proud to have helped secure their financial and operational future.”

About Ellis & Co

Ellis & Co is a leading accountancy firm specialising in bookkeeping, accountancy & audit, payroll, tax planning and business advisory services. We work with a diverse range of businesses, from start-ups to established companies, ensuring they have the financial clarity and support they need to succeed. With our team of experienced accountants based in Chester and Wrexham, we are proud to offer personalised solutions that help businesses succeed.